AGP Executive Report
Last update: 6 hours agoState Finances: Uzbekistan’s state debt climbed to $47bn by end-Q1 2026, up $4.4bn year-on-year, with 85% tied to external, mostly budget-deficit-related borrowing. Tax & Compliance: The Tax Committee reviewed 82 entrepreneur appeals over UZS 375.1bn in disputed penalties; it upheld most regional decisions (UZS 342.2bn) but granted partial relief to four businesses (UZS 600m adjusted/cancelled), while seven cases remain under review. Shadow Economy: The unobserved economy reached UZS 102.7tn in Jan–Mar 2026 (22.9% of GDP), split between informal household activity (UZS 69.1tn) and the shadow economy (UZS 33.6tn), with agriculture the biggest hotspot. Regional Trade & Connectivity: Kazakhstan and Uzbekistan signed a roadmap for trade and economic cooperation, covering industry, petrochemicals, logistics, agro, tourism and “green” energy. Aviation Links: FLYONE Asia launched new regular flights between Tashkent–Baku and Tashkent–Ganja, boosting Central Asia–South Caucasus travel and business ties. Environment & Funding: Uzbekistan hosted the GEF Council in Samarkand as the GEF-8 cycle ramps up, with delegates discussing $200m+ in new environmental and climate project funding. Creative Economy Support: Tashkent unveiled Uzbekistan Creative Park with tax and status incentives aimed at turning creative work into scalable businesses.
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