IMF Allocates $375Mln To Uzbekistan Amid COVID-19 Crisis

WASHINGTON (UrduPoint News / Sputnik - 19th May, 2020) The International Monetary Fund (IMF) announced in a statement that it has approved the disbursement of $375 million to Uzbekistan amid growing economic costs of the coronavirus crisis.

"The Executive board of the International Monetary Fund (IMF) today approved the disbursement of SDR 275.6 million (50 percent of quota, about US$375 million) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI)," the statement said on Monday.

"This will help to meet Uzbekistan's increased need for fiscal and urgent balance of payments financing arising from the impact of the COVID-19 crisis."

IMF said it projects Uzbekistan's economic growth to slow to 1.5 percent this year with lower revenues and crisis-related expenditures widening its fiscal deficit to about 4 percent of GDP.

The Fund promised to help cover the resulting financing needs, support the economy, and provide assistance to affected households and firms.