WEEKLY DIGEST · 26–30 October 2026 · overview of key fiscal and economic developments

🟢 The Accounts Chamber of Uzbekistan identified violations in public procurement amounting to UZS 10.2 trillion. Following inspections conducted in January–September 2026, materials concerning violations worth UZS 4.8 trillion were referred to law enforcement agencies. The Chamber also identified potential additional tax revenues of UZS 1.6 trillion, of which UZS 656.3 billion has already been collected for the state budget.

🟢 The Legislative Chamber of the Oliy Majlis approved in the first reading a draft law allowing tax benefits to apply without corresponding amendments to the Tax Code. Under the draft law, certain tax benefits established by presidential decisions may remain in effect until the relevant amendments are incorporated into the Tax Code. The discussion focused on the stability of tax legislation and the legal basis for granting tax benefits.

🟢 The Central Bank of Uzbekistan issued the country’s first Islamic banking licence to Open Bank. Licence No. 1-I, issued on 26 October, allows the bank to introduce profit-sharing, partnership-based financing and Islamic leasing. This could help diversify banking services and expand alternative financing options for businesses.

🟢 The World Bank reported that 811 million people worldwide are living in extreme poverty. Nearly half of the world’s population — 3.7 billion people — lives on less than $8.30 a day. The new report highlights the need to raise labour productivity, create better jobs and expand formal employment.

🟢 The World Bank stated that lower trade costs could accelerate economic growth in the Western Balkans. The region’s economy is projected to grow by 3.1% in 2026 and 3.4% in 2027. Simplifying customs procedures, reducing administrative barriers and improving the transparency of trade rules could support exports and employment.

🟢 The World Bank approved a $485 million project to support the digital transformation of Türkiye’s industry. The programme will help small and medium-sized enterprises adopt artificial intelligence, automation and digital monitoring technologies. By 2032, it plans to finance 280 businesses and mobilise $180 million in private capital.

🟢 The World Bank forecast a 23% increase in global commodity prices in 2026. Energy prices are expected to rise by 32%, while food commodity prices may increase by 10%. The average price of Brent crude could reach $91 per barrel. These developments may affect inflation, production costs and fiscal indicators.

🟢 The World Bank debarred a Bangladeshi consulting company from its projects for 19 months over fraudulent financial documents. Modern Engineers Planners and Consultants Ltd. submitted inaccurate financial documents and fraudulent invoices under a project. The sanction may also apply to projects financed by other multilateral development banks.