Poorest Central Asian nation Tajikistan is in danger of defaulting on its first ever Eurobond as the construction of the giant Rogun hydropower dam gobbles up scarce resources.
Uzbekistan has been on the radar of frontier market investors since President Shavkat Mirziyoyev began a large scale economic reform program nearly three years ago. But the easy stuff has already been done. It gets harder from here on in.
Senate speaker states “Uzbek president has made a decision” to apply for membership of the Moscow-led trade bloc.
The relaxation of Uzbekistan's energy industry’s ownership has created a bonanza of redevelopment projects set to be completed in the next five years. These projects including energy generation and a general liberalisation of state ownership
Officials have been working hard to remodel the economy under President Mirziyoyev. Progress is good, but this is no walk in the park. Tough tasks, such as battling inflationary pressures, preventing a credit bubble and creating enough jobs, remain.
“He fell asleep twice during an afternoon meeting,” says one Western financier after meeting mid-level Uzbek official made busy by Shavkat Mirziyoyev’s reform-packed agenda.
The Central Asian nation’s new era government is in a rush to transition to an open market oriented economy. Developing the textile industry is a top priority. Meanwhile, the Uzbeks are also seeing a lot of action in oil, gas and real estate.