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Home / Business and Innovation / More than 2 trillion soums utilized within financi...

More than 2 trillion soums utilized within financial improvement of enterprises

The State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition held a press conference for representatives of mass media on the topic: "The value of financial rehabilitation and restructuring of enterprises of the real sector of the economy".

The event saw senior officials of the Committee and media representatives.

One of the main tasks of the Committee is the deep analysis of the financial and economic condition of low-profit and unprofitable enterprises and development of a complex of measures on their financial rehabilitation, primarily by attracting foreign investors, modernization and technological re-equipment, production of competitive products, etc.

To date, the government has carried out intensive work to support enterprises of the real sector of the economy.

In accordance with the Decree of the Cabinet of Ministers of the Republic of Uzbekistan, the Committee in cooperation with state bodies, bodies of state and economic management on a regular basis develops new programs – "road maps" on the financial improvement of unprofitable and low-profitable enterprises.

Pursuant to the above document, 86 "road maps" were developed in 2015, and 99 in 2016, according to the press service of the Committee.

The implementation of these programs during the first 9 months of this year resulted in the mobilization of 1030,6 billion soums of internal reserves of enterprises, 27.2 thousand sq.m. of idle space was leased to the business sector, which in turn has allowed to obtain additional profit.

Investments worth 601.2 billion soums and $181,7 million were channeled towards modernization and technological re-equipment of enterprises. This has helped to organize the production of new competitive types of products, more than 500 obsolete and worn out equipment were amortized.

Following 9 month results, enterprises within “road maps” received profit in the amount of 53.8 billion soums. Moreover, it is planned to increase this figure to 103.1 billion soums.

The Committee in conjunction with working groups, administrations, relevant organizations and commercial banks implement different programmes aimed at financial rehabilitation of idle, unfinished construction objects and inactive, low-power businesses.

Targeted programmed under 2629 projects have been developed and implemented in the current year.

These projects provide for utilization of more than 2016,1 billion soums of investments, the production of over 2474,7 billion soums of competitive products and services, the provision of $95.3 million of exports and the creation or restoration of more than 36.6 thousand jobs.

Some 2025,1 billion soums of investments have been utilized over the past 11 months. These projects have drawn 590.3 billion soums of credit funds of commercial banks, while the rest 1434,8 billion soums were at the expense of own funds of the project initiators.
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