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The meeting chaired by the President: the main reasons for the ineffectiveness of investment programs of the past years were named

At the video conference, chaired by Shavkat Mirziyoyev, dedicated to the application of the new procedure for the formation and financing of the state development programs of the Republic of Uzbekistan, special attention was paid to the mistakes of previous years, which in no case should be tolerated in the future.

The head of our state, noting the importance of investments for achieving high rates of economic growth and providing strong social protection, criticized the previously haphazard organization of work in this area.

Previously, the leaders of the sphere in pursuit of high figures were engaged in embellishing the indicators of attracting and absorbing investments. As a result, the heads of hokimiyats and industries, in order to fulfill this "burden," were forced to include in the investment programs ineffective projects that do not correspond to the development of regions and industries without specific funding sources and initiators.

So, in the period 2012-2017, the Uzbekenergo joint-stock company included
14 projects in the investment programs with a total cost of 3.3 billion US dollars. Subsequently, all of them were deemed inexpedient and terminated by government decisions. It is puzzling why $ 185 million was spent on the preparation of documentation for these projects.

There are a number of problems in the formation of investment programs and examination of projects. This process was carried out according to the criteria and the procedures defined in the regulations of 15 years ago. In particular, as a result of repeated reconciliations of the feasibility study, business plan and tender documentation for the projects, their expertise was delayed up to 6 months instead of the prescribed ones 15 days. This led to a rise in price and a decrease in the profitability of the investment project.

Inclusion in the investment programs are subject to economically justified projects with the ready design and estimate documentation. However, earlier such documentation was prepared after inclusion of the project in the investment program. As a result, in some cases, a gap of up to 80 percent occurred between the initial and approved project costs. This led to unjustified spending of budgetary funds.

Due to miscalculations in the formation of projects, not attracting investors' funds for their implementation, many enterprises went bankrupt. Commercial banks, which were entrusted with the rehabilitation of enterprises, also suffered heavy losses. Taking this into account, starting from the current year, the practice of transferring bankrupt enterprises to the banks' balance sheet has been terminated.

Owing to the superficial economic analysis, the projects did not justify themselves after the commissioning of the facilities. Due to lack of raw materials, access to electricity and gas, economic inefficiency, production was not improving.

Some projects that have not been completed or are not implemented in time have migrated from program to program for years. For example, the project of laboratory equipment of the State Center for Sanitary and Epidemiological Surveillance was included in the investment program first in 2015, then in
2016 and 2017.

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