Tashkent, Uzbekistan (UzDaily.com) - The Consulate General of Uzbekistan during the webinar with the rating agency RAEX-Europe presented the indicators of credit rating and trends in the modern economic development of our country, Dunyo reported.

The web-event was attended by representatives of large banks, financial institutions and business circles of Uzbekistan and Germany.

He provided detailed information on the progress of socio-economic reforms in Uzbekistan, measures to support the activities of domestic and foreign business last year, as well as mitigation of the possible negative consequences of the coronavirus pandemic on the country’s economy.

RAEX-Europe Deputy Director Vladimir Gorchakov acquainted representatives of German banks and financial institutions with the updated credit rating of Uzbekistan and the activities of the country’s financial and banking structures.

He stated that the BB- rating with a stable outlook is due to dynamic economic growth, an acceptable level of public debt and deficit, as well as ongoing structural reforms in the economy of Uzbekistan.

According to a German expert, the economic growth of our country remains high due to structural reforms and foreign investment. The ongoing financial and economic reforms improve the transparency and long-term stability of the republic.

In addition, as V. Gorchakov said, the large-scale tax reform, launched in 2018, has already led to an increase in the tax base and general tax revenues.

The European expert also positively assessed the measures taken by the leadership of the Republic of Uzbekistan to mitigate the negative consequences of the COVID-19 pandemic and expressed confidence in the quick return of the economy of our country to the current trend and development dynamics after overcoming the pandemic.

During the event, foreign financial institutions and entrepreneurs were invited to Uzbekistan for active cooperation and conducting mutually beneficial business.