Small and Medium-Sized Enterprises Development Program (Subprogram 2)

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The proposed Small and Medium-Sized Enterprises Development Program (Subprogram 2) will further strengthen the operating environment for small and medium-sized enterprises (SMEs) to become drivers of private sector-led, diversified economic growth and increase their resilience to economic shocks such as those triggered by the coronavirus disease (COVID-19) pandemic. Reforms under the subprogram (and overall program) are grouped into four pillars: (i) diversifying formal bank and nonbank financial instruments; (ii) reducing the institutional costs of doing business; (iii) improving trade facilitation and digitalization; and (iv) aligning skills and market needs. Subprogram 2 advances the subprogram 1 reforms to simplify regulatory requirements, broaden access to finance, reduce barriers to trade competitiveness, boost SMEs' role in the digital economy, and ensure market-based skills development. In parallel with measures to combat the economic impact of COVID-19 and the Russian invasion of Ukraine, Uzbekistan continues to implement key structural reforms with a prudent overall macroeconomic stance.