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IMF estimates a 3.5% global economic growth this year

10.05.2012 1979

Restoring solid, sustained and balanced growth is the central economic challenge facing the world today, said Christine Lagarde, Managing Director of the International Monetary Fund (IMF), emphasizing the importance of well-paced, country-specific credible fiscal adjustment combined with reforms aimed at increasing growth and jobs.
'Clearly, today's global economy needs higher and better growth. Getting there depends on choosing the right combination of policies. With the wrong choices, we risk losing a decade of growth, a generation of young people, and an opportunity to put the global economy on a secure footing,' she stated in an address entitled 'Anchoring Stability to Sustain Higher and Better Growth.'
The IMF currently estimates global growth to be about 3.5 percent this year.
Growth in advanced countries is expected to be much weaker at 1.5 percent in 2012, including a mild recession in the euro area.
Emerging markets and developing countries are holding up much better, with expected growth of 5.75 percent. However, there are 200 million people worldwide who cannot find work, including 75 million young people. 'This is a potential disaster - in economic, social, and human terms,' Christine Lagarde warned.
'In advanced economies, especially in Europe, the issue is well understood, but people have very different views on remedies. They gravitate toward one of two camps - growth versus austerity. The growth camp says that we need more government stimulus to increase growth. The austerity camp says that markets are sitting in judgment over a mountain of public debt, and governments need to do what is necessary to reduce that debt as fast as possible.
'These positions are slight caricatures, but - as you know - austerity versus growth is very much the debate of the hour,' Christine Lagarde noted, and added, 'I believe it is a false debate. I would argue it is not 'either/or'. Countries can choose a strategy that is good for today and good for tomorrow. Good for stability and good for growth.'
Christine Lagarde noted that the extremely loose monetary policy would normally lead to high demand growth. 'But these are not normal times' she said. 'The monetary engine cannot do the job alone. In fact, growth is being held back by three 'brakes' in the system - fiscal adjustment, weak banks, and poor housing markets.'
Among the advanced economies, the ratio of debt to GDP is expected to hit 109 percent in 2013 - the largest ratio since World War II. 'This has to come down,' the IMF Managing Director stated. 'At the same time, we know that fiscal austerity holds back growth, and the effects are worse in downturns,' she said. 'So the right pace is everything - and the right pace will be country specific.'
'Countries need to keep a steady hand on the wheel. This means that if growth is worse than expected, they should stick to announced fiscal measures, rather than announced fiscal targets. In other words, they should not fight any fall in tax revenues or rise in spending that comes about solely because the economy weakens.' Christine Lagarde stated. 'So again, there's no avoiding this brake of fiscal adjustment. But if calibrated correctly, we can make sure it doesn't do too much harm to growth'. The other two brakes, weak banks and poor housing markets must continue being addressed at country and regional levels.
Christine Lagarde also called for countries to implement reforms to make product and labor markets work better, especially in the countries of southern Europe that have lost competitiveness relative to their trading partners.
'Over the medium term, reforms will pay off', she said. 'Some preliminary analysis by the IMF for the euro-area countries suggests that over five years, large-scale product market, labor and pension reforms could boost GDP by could boost GDP by 4.5 percent. Part of this reflects the magnified gains from a synchronized effort, showing the importance of everybody moving together.'
Christine Lagarde also called for greater economic cooperation across a range of areas -rebalancing the global economy, financial sector reform, and the global financial safety net.

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License of the Central Bank of the Republic of Uzbekistan No. 22 dated Dec. 25, 2022
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Правила выдачи кредитов частным лицам
Определение кредитоспособности заемщика
1.1. При выдаче кредита частному лицу банк проводит анализ кредитоспособности заемщика.
1.2. Кредитоспособность заемщика определяется на основании его финансовой и кредитной истории, а также текущей финансовой ситуации.
1.3. Для определения кредитоспособности могут быть использованы следующие критерии
Условия выдачи кредита
При выдаче кредита частному лицу банк устанавливает следующие условия:

  • сумма кредита;
  • процентная ставка;
  • срок погашения кредита;
  • график платежей

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To unblock the card, you must contact the bank branch where the card was opened  with your identity document.
SMS notification for the Uzcard card can be activated through an ATM. SMS notification for the Humo card is activated through the bank branch where the card was opened.
You can order all cards in national and foreign currency remotely using the Milliy App.
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  • If you the card (UzCard/HUMO) is lost, you can block it yourself using the Milliy Bank App or call (78) 148-00 10 and ask the operators to block the card.
The identification procedure is carried out remotely, directly in the Milliy application itself. To do this, on the main screen in the application, click on the photo_2023-04-28_11-16-22.jpg icon in the upper left corner, and then select the “Identification” option from the menu and go through all its stages.
  • To change the phone number registered in the Milliy App, please come to the NBU branch which is convenient for you with your identity document.
  • An e-wallet is a system to store funds, as well as transfer money through an app to an account or bank card.
  • When you reset your password, you enter the "secret question answer"
Currently, the NBU offers the following international money transfers: Western Union, MoneyGram, KoronaPay, Asia Express, Contact, Unistream, Swift, as well as Sberbank.
Users of the Milliy Mobile App can receive transfers from Russia using the Sberbank Online service to an electronic wallet in national currency, to an UzCard or HUMO card of the NBU.

The transfer is made in rubles. Upon receipt on an electronic wallet or card, it is automatically converted into UZS. No additional fees are charged.
  • Visa Direct is a service for money transfer using the Milliy Mobile App to more than 50 countries of the world, including Visa cards of Uzbekistan banks.
  • identity document
  • MTCN or the tracking number
  • full name of remitter
  • country of remitter
  • expected amount of money
  • NBFAUZ2X
It is possible to remotely open, replenish and independently monitor the NBU's deposits using the Mobil App.
  • If you want to transfer the right to dispose of your deposit to a third party, you must execute a power of attorney certified through a notary office.
  • No, you don't. The online deposit can be closed through the app.
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  • This is the deposit with no fixed withdrawal period and the depositor can withdraw the funds at any time.

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