Countries and Regions

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p. 4 of 4 BACK | NEXT I. Current Development Trends and Issues II. Implementation of the Country Strategy and Program III. Portfolio Management Issues IV. Country Performance and Assistance Levels

Country Strategy and Program Update 2004-2006: Uzbekistan

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IV. Country Performance and Lending Level

A. Lending Level Proposed

25. As noted in paragraph 4, the lending level will depend on the Government's progress with its reform program, at both the macroeconomic and sector levels. A lending range of $100 million–$150 million for each year, including regional projects,²⁶ has been established. The upper end of this range would be achieved if the direction of macroeconomic and structural reforms is satisfactory and would allow for program lending and additional projects to be considered. New investment lending will also need to be considered in the context of policy performance and loan portfolio performance.

B. Nonlending Program

26. Increasing constraints on TA projects funded from Technical Assistance Special Fund and Japan Special Fund for all DMCs imply that the TA program that can be supported from the two sources in 2004 is limited to $1.8 million. Cofinancing possibilities will have to be pursued to support priority projects beyond this amount.

C. Summary of Changes to Lending and Nonlending Program

27. The proposed lending and TA program for 2004–2006 may be seen in Tables A1.9 and A1.10. The major changes from last year's CSPU relate to the addition of land improvement projects to the pipeline; addition of an agriculture sector development program (High case); woman and child health development moving to 2004, given the need for a comprehensive study under the project preparatory TA which is to be completed in the second half of 2003; Third SME Development moving to 2004, given the slower-than-anticipated use of the credit line; and Regional Railways Rehabilitation Project in 2005.

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