Uzbekistan Airways Readies for IPO and Implements International Accounting Standards
President Shavkat Mirziyoyev of Uzbekistan has issued instructions to Uzbekistan Airways aimed at preventing an increase in airfare prices. The directive, given during a meeting on privatization by Shukhrat Khudaykulov, the airline’s chairman, is part of efforts to ensure affordable air travel for the public.
In addition to controlling airfare prices, President Mirziyoyev has directed Uzbekistan Airways to switch from National Accounting Standards to International Financial Reporting Standards (IFRS). This transition is expected to help the airline streamline costs, maintain pricing flexibility, and ultimately enhance the accessibility of air travel for the general population.
Furthermore, Uzbekistan Airways has been entrusted with preparing for a public stock offering (IPO) on the international market. To facilitate this process, a specialized transformation office has been established within the airline to oversee the necessary preparations. These initiatives are part of a broader privatization program in Uzbekistan, with the goal of boosting transparency and attracting investors to the national aviation sector.
