The country reduced oil exports by 13.9 percent year-on-year to 4.9 million tonnes and increased exports of natural gas by 19.4 percent to 3.96 bcm.

In an initial assessment a week ago, the IMF said the loss of life, damage to critical infrastructure, trade disruption, and an outflow of refugees would lead to the 10% GDP fall.

Oil and gas condensate production fell by 6.2 percent year-on-year to 5.465 million tonnes in January-February, while natural gas output rose by 12.4 percent to 7.684 bcm.

In 2009, with the support of an angel investor, Zafar Hoshimov, founder of one of Uzbekistan’s biggest supermarket chains, Paiziev’s company became the first in Uzbekistan to receive a mapping licence.

The loan will be available after an IMF board meeting in mid-May. The Fund's total disbursements under the programme will be about $430 million.

The bank raised the upper level of the rate corridor to 9.25 percent from 9.00 percent and the lower level - to 6.25 percent from 6.00 percent.