As part of a new package of measures announced by the President of Uzbekistan, Shavkat Mirziyoyev, young families will have the opportunity to compensate for part of the interest rate on mortgage loans. The state will cover the costs for the rate exceeding 14% - which is the current key rate of the Central Bank of the country.
In addition to housing-related issues, the new reforms will also address education and employment. Starting this year, students of technical colleges will be able to participate in the Work and Travel program, for which they will be provided with loans to cover travel expenses for work abroad. Furthermore, technical colleges and higher educational institutions will have the right to create subsidiaries for the commercialization of scientific developments, with up to 1 billion sums allocated in the form of grants.
To improve private education in the country, an Association of Educational Centers will be established, whose members will be able to take advantage of unprecedented tax benefits. For example, the income tax for teachers will be reduced from 12% to 7.5%, and the social tax will be only 1%. Educational institutions located in remote areas will be able to rely on interest-free loans.
Social adaptation and volunteering will also play an important role in the new initiatives. A program called "Second Chance" will be launched in the country to assist youth returning from places of detention: they will be offered free training in programming and design. Additionally, a Fund to Support Volunteering will be established with an annual budget of over 23 billion sums, which will finance civic initiatives. The President emphasized that these measures are aimed at strengthening Uzbekistan's status as one of the leading countries in the global youth development index.
