19 May, 2011
Politics: International cooperation Economy: CULTURE: POLICY President of Uzbekistan Islam Karimov received US President’s Deputy National Security Advisor Denis McDonough at Oqsaroy residence in Tashkent on 31 May. Welcoming the guest, Islam Karimov said the Uzbek-US relations were developing stably and consistently in all directions. During the meeting, the present state and perspectives of relations between the two countries were discussed. The sides also considered issues of regional security and stability, as well as other topics of mutual interest. Denis McDonough passed the personal message of the US President Barack Obama to President Islam Karimov and noted that the United States highly valued the participation of Uzbekistan in the socioeconomic revival of Afghanistan. The US representative expressed sincere gratitude to the President of Uzbekistan for warm welcome and underlined his country’s interest in development of long-term relations with Uzbekistan. (Source: UzA News Agency) resident of the Republic of Uzbekistan Islam Karimov met with acting chairman of the Organization for Security and Cooperation in Europe (OSCE), Lithuania’s Minister of Foreign Affairs Audronius Azubalis. At the meeting, the sides went to great lengths exchanging views on issues pertinent to OSCE agenda, Lithuanian chairmanship in this institution, pressing topics of regional and international affairs. Audronius Azubalis noted that the amendments to the Constitution of Uzbekistan and changes in the national legislation aimed at enhancing the role of political parties have been considered an important stride in this direction. The parties also discussed regional security and stability issues. The guest voiced his high appreciation of Uzbekistan’s input into socio-economic revival of Afghanistan. Other matters of shared interest, including those relating to rigorous reforms within the OSCE and fostering interaction among member nations within the Organization, have been deliberated on during the event at the Oqsaroy. In the context of Uzbek-Lithuanian relations, the sides stand for keeping with the political dialogue at the highest level, boosting inter-parliamentary ties, regular political consultations between foreign affairs ministries and expanding the bilateral contacts. Both sides wield remarkable resources for trade and economic cooperation, including Lithuanian companies’ engagement in setting up hi-tech industrial production capacities in Uzbekistan. (Source: UzA News Agency) "On additional measures to further strengthen the social protection of lone elderly, pensioners and disabled people for 2011-2015 years" On 30 May, President signed a resolution “On additional measures to further strengthen the social protection of lone elderly, pensioners and disabled people for 2011-2015 years.” The document is aimed at further strengthening of social protection and increase of the quality of lone elderly, pensioner and disabled peoples lives, as well as strengthening material-technical base of medical and social institutions. It involves, firstly, improving the legal framework of social service of lone elderly, pensioners and disabled people, and secondly, the improvement of social service systems of lone elderly, pensioners and the disabled people and the expansion and improvement of the quality of social services rendered them. The President entrusted the Council of Ministers of the Republic of Karakalpakstan, regional and Tashkent city administrations, as well as ministries, departments and other organizations with the ensuring timely and quality implementation of the program activities. Ministry of Finance in the formation of the state budget is prescribed to provide the necessary funds to finance the activities of the program with wide involvement of sponsoring and charitable organizations for this purpose. (Source: UzA News Agency) International conference: 6th session of the Forum of Shanghai Cooperation Organization (SCO) was held in Tashkent on 27-28 May with participation of delegations of national research centers of SCO member states and experts of observer countries, representatives of SCO Secretariat and Executive Committee, diplomatic corps in Uzbekistan. The forum is a multilateral public consultative expert mechanism, created for assistance and scientific support of SCO activity. The forum participants paid main attention to results of SCO summit that took place in Tashkent in June 2010. Participants of the meeting exchanged opinions on the issues of further development of SCO, stabilization of situation in Afghanistan, ensuring security in Central Asian region, implementation of mutually beneficial investment and trade and economic projects. The forum evaluated highly the chairmanship of Uzbekistan in the organization, efforts of Tashkent directed on the increase of effectiveness and international authority of SCO. In particular, it was noted that Uzbekistan since the first days of its chairmanship has highlighted clear and concrete priorities of SCO development. The meeting in Tashkent discussed in detail the main documents adopted on results of the Tashkent summit. The sides noted that adoption of SCO Procedure Rules became an important step in ensuring further dynamic development of SCO, improvement of legal bases of its activity. Experts believe that the Procedure Rules, approved on the initiative of Uzbekistan, will attach system character to the activity of SCO and its bodies, ensure high quality of preparation and realization of documents and decisions adopted within the organization. (Source: UzReport Agency) The regular issue of the French magazine of L'Essentiel des Relations Internationales published an article “Encouraging Results, Inspirational Speech”. The authors are a political scientist and a professor at the University Pantheon-Assas Paris II Jacques Barrot, and experts on Central Asia and Kazakhstan - Ph.D. of the French Press Institute at the University of Pantheon-Assas Paris II Colin Ferro and Ph.D. in computer science and communications Charlotte Wang. The article quoted the head of Uzbekistan’s speech at the joint meeting of the Legislative Chamber and the Senate of the Oliy Majlis of Uzbekistan on 12 November 2010. Speaking about the progress of political, social and economic outcomes, as well as the country’s development priorities designated in the “Concept of Further Deepening of Democratic Reforms and Formation of Civil Society in the country”, the publication says: “First of all, we should pay attention to the fact that the country has achieved tangible results in economic development, as GDP growth over the past 5 years every year is not less than 8%. 60% of the all expenditure of the State Budget of Uzbekistan in 2011 is directed for social purposes, which is much larger than in 2010, including spending on education and health will be 48% or 1.8 trillion soums more than in 2010. High rates achieved in other areas of social policy as is demonstrated by a significant improvement in quality of life and as a result - increase in average life expectancy from 67 to 73, particularly women under 75 years”. The authors believe that such high rates of economic and social development are the result of a decision by President of Uzbekistan Islam Karimov on the need to follow a phased through the development of society and state. (Source: UT News Agency) Meeting with the Ambassador of Saudi Arabia On June 6, 2011 the Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia Mansour bin Ibrahim Muhammad al-Mansur, who is completing his mission in Uzbekistan, held a meeting at the Ministry of Foreign Affairs of the Republic of Uzbekistan. The sides discussed the current state and perspectives of the bilateral relations. The Uzbek side highly appreciated the activities of Ambassador to expand the bilateral cooperation and expressed good wishes. INTERNATIONAL COOPERATION Uzbekistan – Saudi Arabia: consecutive development of cooperation Intergovernmental Joint Commission of Uzbekistan and the Kingdom of Saudi Arabia (KSA) for the control over the implementation of Agreement on cooperation in the field of trade, economy, science and technology, culture, sports and youth affairs held its session in Tashkent on 6 June. The event was attended by the heads of ministries and departments, companies and concerns of the two countries responsible for the spheres of foreign economic relations, investments, oil and gas, trade and industry, science and education, tourism, chemical industry, healthcare, agriculture and water management. First Deputy Prime Minister of Uzbekistan, Co-Chairman of the Joint Commission, Rustam Azimov at the forum noted the consecutive development of cooperation between Uzbekistan and Saudi Arabia in trade and economic, investment and cultural-humanitarian fields, which is based on the agreements reached during the meetings of the heads of both states. "Saudi Arabia is one of the countries investing actively in the economies of various countries," Governor and Chairman of the Saudi Arabian General Investment Authority, Co-Chairman of the Joint Commission, Amr Abdullah Al Dabbagh said. "We are planning to implement prospective projects in cooperation with Uzbekistan, as the country has all necessary conditions for successful activity of foreign investors." Special attention was drawn to raising the volumes of bilateral commodity turnover, increasing the number of joint ventures and expanding the types of products. Issues of realizing high-tech joint projects in Navoi free industrial economic zone were discussed as well. (Source: UzReport Agency) Uzbek-Polish intergovernmental commission convenes in Tashkent Representatives of ministries and departments, firms and companies from Uzbekistan and Poland, operating in such sectors as foreign economic relations, trade, investments, banking-finance, customs, insurance, pharmaceuticals, tourism, sport, transport and transport communication, etc. First Deputy Minister for Foreign Economic Relations, Investment and Trade of Uzbekistan and co-chairperson of the commission Akmal Kamolov said that economic cooperation between two states are developing gradually and agreements between two leaders of the countries serve as important base for it. Deputy Minister of Economy of Poland and co-chairperson of the commission Rafal Banyak said Uzbekistan is one of important economic partners of Poland. He added that trade turnover between two states are growing despite global economic crisis. He noted that Uzbekistan and Poland have all opportunity to develop mutual relations. The sides discussed issues of further expanding relations in trade, investment, banking-finance sector, oil and gas, agriculture and water, as well as attracting Polish companies to privatization process in Uzbekistan, increasing number of joint venture and bilateral trade turnover, etc. The Uzbek-Polish economic relations are based on over 40 documents, including agreements on trade-economic cooperation, on mutual protection and stimulation of investments. The countries has the most favourable trade regime. In 2010, trade turnover between Uzbekistan and Poland made up US$104.7 million. Over 20 joint enterprises with Polish investment operate in Uzbekistan and seven Polish firms opened their offices in the country. (Source: UzDaily.com) Scientific Scope of Cooperation An Uzbekistan’s delegation visited the Chinese Academy of Modern International Relations (KASME) headed by Vice-President Yan Mintsze. During the visit the delegation held several meetings with representatives of scientific and expert communities of the country. Touching on issues of security, Yan Mintsze said that Uzbekistan and China were cooperating in the framework of international organizations and had similar positions on many international and regional issues. In this context the countries’ joint efforts to combat terrorism and extremism should be noted. (Source: UT News Agency) ECONOMY Uzbekneftegaz announces tender for reconstruction of waste disposal plant of Ferghana Oil Processing Plant Uzbekneftegaz national holding company announced a tender for reconstruction of waste disposal plant of Ferghana Oil Processing Plant with the cost of 12.6 million euros. Tender was announced to engineering and supply of equipment on “turnkey” basis for waste disposal plant with the capacity of 16 million cubic meters a year. The project implementation should help to keep the volume of oil products in sewage at the level of 1 mg per liter. According to the tender terms, the proposals will be accepted till 27 June 2011. The project will be realized within a year. Uzbekneftegaz, Marubeni Corporation hold negotiations Uzbekneftegaz national holding company and delegation of Marubeni Corporation (Japan) led by Managing Executive Officer and member of the Board of Directors Shinji Kawai held meeting in Tashkent. During the meeting, the sides noted that they have positive experience in joint activity, in particular within the project on construction of Bukhara oil processing plant. Marubeni Corporation expressed interest in participation in modernization of the capacities of Bukhara oil processing plant to further production of oil products of Euro-3 and higher standards, as well as processing shale oil. The Uzbek side expressed readiness to consider concrete proposals of the Japanese company. The sides agreed to continue contacts. (Source: UzDaily.com) Moody's affirms B1/NP/E+ of Ipoteka-bank with stable outlook Moody's Investors Service has affirmed the standalone E+ bank financial strength rating (BFSR), B1/Not Prime long-term and short-term global local currency (GLC) deposit ratings of Ipoteka-bank. The bank's B2/Not Prime long-term and short-term foreign currency deposit ratings were also affirmed. The outlook on the long-term global scale ratings is stable. According to Moody's, Ipoteka-bank's standalone E+ BFSR, which maps to the long-term scale of B2, remains constrained by very high single-name and sector concentrations in the loan portfolio and high dependence on short-term funding. The ratings also reflect Ipoteka-bank's healthy financial indicators, including liquidity, its recovery in terms of asset quality and capitalization, as well as its visible franchise in the corporate and retail segments. In 2010, Ipoteka-bank demonstrated 37% growth of total assets and over 30% growth of the loan book which supports its market standing. However, Moody's notes that - in addition to organic growth - this performance is also attributable to increased exposure to one major client - Uzbekistan's Fund for Reconstruction and Development (UFRD). At the same time, against the background of growth in related-party lending, Moody's concerns over big-ticket loans have increased. The rating agency believes that the transactions with government-related customers distort the bank's performance indicators - including market shares - and would view favourably more granular and stable clientele to promote the bank's organic growth. At the same time, Ipoteka-bank's GLC deposit rating of B1 received a one-notch uplift from the bank's long-term scale of B2 - based on Moody's assumption of moderate probability of extraordinary support from the government in case of distress. This expectation stems from the bank's sound consolidated market shares especially in retail deposits and mortgage lending, and, thus its social importance to the Uzbek population coupled with high visibility in the banking system as a whole. (Source: UzReport Agency) Moody's affirms B2/NP/E+ of Credit-Standard Bank, outlook stable The ratings also reflect CSB's cautious approach towards liquidity and credit risks as well as its sound financial indicators, especially in terms of liquidity, profitability and capitalization. In 2010, CSB's total assets grew by 17%, which is lower than the market average. Although customer accounts grew by more than 25%, the bank has not promoted new lending opportunities, but has instead kept an excessive liquidity cushion to preserve stability in the event of material outflow of funds from its highly concentrated deposits. Moody's also observes that the top-20 depositors accounted for over 50% of the bank's customer accounts as of 31 December 2010, while short-term liquid assets covered over 90% of customer deposits. The bank's strategy is to maintain low credit risk to local corporate focusing on settlement commission business, thus as of YE2010 the loan book formed 15% of the bank's assets. Although the bank maintained high levels of lower-yield liquid assets, it demonstrated sound profitability, with Return on Assets of 4.2% and Return on Equity of 28.7% in 2010. The key driver for CSB's performance was commission income which contributed 53% to operating income, as the bank is a settlement center for a number of local 'blue chip' entities and for subsidiaries of international companies, while its visibility in other segments is limited. At the same time, Moody's notes that CSB's business is managed through a small branch network, and thus its bottom-line performance does not face significant pressure from operating expenses: the cost-to-income ratio was 53% in 2010. (Source: UzReport Agency) Major Industries Cooperate with Small Business The first phase of the International Industrial Fair and Cooperation Exchange passed in Tashkent to present basic branches of domestic industry and small businesses with their products. Uzbekistan is implementing a set of measures on modernization, technical and technological renewal of strategic sectors of economy for the development of industrial and social infrastructure, particularly in rural areas, as well as supporting domestic producers, small businesses and private entrepreneurship. The Industrial Fair and Cooperation Exchange in Uzexpocenter demonstrated achievements of the domestic industry and small businesses. Industrial leaders, including some 80 enterprises of fuel and energy sector, chemical and petrochemical, metallurgical industries presented their products. Guests, experts, manufacturers and businessmen were able to see locally produced goods, as well as products promising for development based on the localization and expansion of cooperation ties. One of the regular participants of the Industrial Fair and Cooperation Exchange, Uzmetkombinat, presented a variety of products ranging from ferrous metals, copper and its alloys, welding electrodes, steel enameled ware, nails. Another participant Uzkimyosanoat presented products developed over the past year and offered for delivery within the cooperation for the next year, and planned for development in 2012. LUKOIL to raise US$500 million for projects in Uzbekistan Russia’s LUKOIL intends to raise US$500 million to finance on a limited recourse basis the development of Khausak-Shady-Kandym project in Uzbekistan. The lenders consortium is expected to include international financial organizations, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) and commercial banks: BNP Paribas (Suisse) SA, Korea Development Bank, Credit Agricole CIB and UniCredit Group. The commercial part of the facility structure is expected to include risk insurance to be provided by ADB and the Multilateral Investment Guarantee Agency (MIGA). The banks are now seeking internal approval for the transaction. However, the transaction is still subject to the government approval from the Republic of Uzbekistan. It is expected that financing will be closed in Q3 2011. The loan proceeds will be used to finance the investment program of the Kandym field development and production enhancement at the Khauzak-Shady field. The agreement on the Khauzak-Shady-Kandym project was signed on June 16, 2004. The Khauzak gas field was commissioned in November, 2007 as per schedule. LUKOIL\'s share of proved reserves is 569 million BOE. The projected production rate is 12 billion cubic meters of gas per year. (Source: UzDaily.com) Uzbekistan’s retail trade turnover reaches 5.243 trillion soums in 1Q In January-March 2011, the retail trade turnover in Uzbekistan made up 5.243 trillion soums (June 8, 2011. 1 USD = 1706.61 UZS), or grew by 13.1% compared to the same period of 2010. In the structure of retail trade turnover, the share of food products was 50% and non-food products – 50% (in January-March 2010 – 48.3% and 51.7% respectively). According to the State Statistics Committee of Uzbekistan, main part of retail trade turnover fell to share of non-state sector (5,229 trillion soums) and share of state sector made up 13.3 billion soums in the reporting period. In January-March 2011, the retail trade turnover of trade enterprises reached 2.283 trillion soums or increased by 14.6% in comparison with January- March 2010. In the structure of the retail trade, the turnover of trade enterprises was 43.6%. In the total turnover of trade enterprises, the share of the retail trade turnover of trade enterprises in the rural area was 22.2%. The goods turnover of the informal sector (commodity and specialized markets) was 1.087 trillion soums or 10% higher than in January-March 2010. The share of the informal sector in the total volume of goods turnover was 20.7%. (Source: UzDaily.com) Volume of paid services reach 1.99 trln soums in 1Q 2011 The volume of paid services, rendered to population of Uzbekistan in January-March 2011, reached 1.99 trillion soums (June 8, 2011. 1 USD = 1706.61 UZS), or grew by 13.8% year-on-year compared to the same period of 2010. The main part of paid services was rendered to population by the official sector. The volume of services rendered by this sector made up 1.481 trillion soums (74.4% of total volume) or increased by 137% year-on-year. The volume of paid services rendered to population by individual entrepreneurs increased by 14% to 508.8 billion soums. The share of this sector in the total volume of paid services made up 25.6%. In January-March 2011, total volume of market services by all kinds of economic activity reached 7.981 trillion soums, including 1.928 trillion soums in the rural area (24.2% of the total volume of rendered services). In comparison with January-March 2010, the real growth of market services made up 12.6%. Transport sector produced market services for 2.294 trillion soums, in trade and catering – 1.388 trillion soums, communication and informatization (including services of information-library centers) – 579 billion soums. The volume of financial services, including issued microloans, made up 739.9 billion soums, tourism services – 4.6 billion soums, and hotel services – 20.5 billion soums. The high growth rates have been achieved in the following services: communication and information, including services of information and resource centers – 42,7%, financial, including microcredit granting – 25,9%, tourism – 21,6%, repair of cars and other equipment – 18% , personal – 17.3%, internal trade and catering – 15.2%,. Ttransport (28.7% of total services), trade and catering (17.4%), communal (17%), financial, including microcredit granting (9.3%), communication and information, including services of information and resource centers (7.3%) prevailed in the structure of services. (Source: UzDaily.com) CULTURE National Symphonic Orchestra plays concert with talented musicians The full-house concert, held at Tashkent’s Palace of Music, was an opportunity for hundreds to listen to renditions of classics by Schubert, Rachmaninoff, Beethoven and Prokofiev. Organized by the Fund Forum, the National Symphonic Orchestra, Uspensky Music School and the Ministry of Public Education of Uzbekistan, the concert concluded a series of events launched by the Fund Forum and Uspensky Music School in honor of the 20th anniversary of Uzbekistan’s independence. Two talented pianists Irena Gulzarova and Irina Georgiyeva, laureates of international piano contests, demonstrated masterful techniques in playing piano pieces. Conducted by Professor V.Neimer, the Symphonic Orchestra and the two musicians’ play drew uproarious applause from the audience. Uzbekistan’s Gulzarova and Bulgaria’s Georgiyeva are alumni of Basel Music Academy of different batches who studied under prominent Austrian pianist Rudolf Buchbinder. Both graduated from the Academy with honors. Nataliya Khan, a graduate of Uspensky Music School: “Gulzarova was my classmate. We haven’t seen each other for a long time, and I was thrilled to watch her play today at the concert. She always showed a great potential as a student. She is a very kind, bright and talented person. She gives concerts every year and draws hundreds of classic music fans. Today’s concert is a good chance both for the pianists and the orchestra to exchange experience and get encouragement. An orchestra plays when a professional provides everything: intonation, sound, style. In this sense, Gulzarova is a successful musician.” (Source: fundforum.uz)
President of Uzbekistan receives US President’s Deputy National Security Advisor
President meets OSCE chairman
"On additional measures to further strengthen the social protection of lone elderly, pensioners and disabled people for 2011-2015 years"
Tashkent hosts 6th meeting of Shanghai Cooperation Organization Forum
French Papers Write
Meeting with the Ambassador of Saudi Arabia
Uzbekistan – Saudi Arabia: consecutive development of cooperation
Uzbek-Polish intergovernmental commission convenes in Tashkent
Scientific Scope of Cooperation
Uzbekneftegaz announces tender for reconstruction of waste disposal plant of Ferghana Oil Processing Plant
Uzbekneftegaz, Marubeni Corporation hold negotiations
Moody's affirms B1/NP/E+ of Ipoteka-bank with stable outlook
Moody's affirms B2/NP/E+ of Credit-Standard Bank, outlook stable
Major Industries Cooperate with Small Business
LUKOIL to raise US$500 million for projects in Uzbekistan
Uzbekistan’s retail trade turnover reaches 5.243 trillion soums in 1Q
National Symphonic Orchestra plays concert with talented musicians
President of Uzbekistan receives US President’s Deputy National Security Advisor
Greeting the guest, the head of state noted that he is welcomed in Uzbekistan as an acting chairman of OSCE as much as the head of foreign ministry of Lithuania, a country tied to Uzbekistan with old and friendly bonds.
It was stressed that the Concept of Intensifying Democratic Reforms and Forming Civil Society in the Country proposed by the Uzbek President at the joint session of two houses of Oliy Majlis on November 12, 2010, has been indicative of Uzbekistan’s aspiration to steadily move forward with democratic development.
In his turn, the Saudi Ambassador has thanked the Uzbek side for assistance in carrying out his mission in Uzbekistan. (Source: mfa.uz)
Participants of the session exchanged opinions on the issues of further expanding and strengthening the scales of trade and economic, as well as investment cooperation, development and implementation of joint mutually beneficial projects.
The Fourth session of the Uzbek-Polish intergovernmental commission on economic cooperation was held in Tashkent on 25 May 2011.
During the session, the sides considered perspective directions of further developing economic and investment cooperation between two states.
There was an exchange of views on various aspects of cooperation between the two countries at a meeting in the Ministry of Foreign Affairs, in particular, on cooperation with the Uzbek scientific research and analytical communities. A head of the delegation, evaluating the state of the Uzbek-Chinese relations, said: “Our countries have a good basis for cooperation in economy, politics, security, science and education. And this interaction will only be strengthened in the future”.
Uzbekneftegaz will finance the project due to own resources.
Ferghana Oil Processing Plant has been commissioned in 1959 and currently produces over 60 oil products. The capacity of the plant is 5.5 million tonnes of oil a year. (Source: UzDaily.com)
This client opened a credit line to the bank, which was re-channelled to state-controlled companies. Deposits from UFRD formed 18.6% of the bank's non-equity funding as of 31 December 2010 (YE2009: 11.2%), while loans to the above-mentioned government-related entities formed 45% of the loan book and over 250% of Tier 1 capital (YE2009: 31% and over 100%, respectively).
Moody's Investors Service has affirmed the standalone E+ bank financial strength rating (BFSR), B2/Not Prime long-term and short-term global local and foreign currency deposit ratings of Credit-Standard Bank (CSB). The outlook on the long-term global scale ratings is stable.
According to Moody's, CSB's standalone E+ BFSR, which maps to the long-term scale of B2, remains constrained by its narrow franchise, with focus on provision of treasury and settlement services to large corporate customers in Uzbekistan and very high concentrations in funding.
Industrial fair gathers some 80 companies
Organizers note, participants and visitors of the fair and cooperation exchange can take part in presentations of large enterprises, get acquainted with their technical and technological opportunities, exchange experiences and achievements in the field of production, including small business and entrepreneurship. All this will help map out industrial prospects, develop new, marketable products, and open up new markets. (Source: UT News Agency)
The sales of agricultural products and livestock in dekhkan markets increased by 13.2% and reached 1.873 trillion soums and the share of sales in the retail trade turnover was 35.7%.
The share of the non-state sector in the total volume of paid services rendered to population was 71.8% and the state sector – 28.2%.
The share of personal services in the total volume of paid services was 7.9% or 156.7 billion soums. Their real volume has increased by 18.9%.
The share of services rendered by individual entrepreneurs in the personal services sector was 87.9%. The volume of services rendered by this sector grew by 19.2% to 137.7 billion soums.
The National Symphonic Orchestra of Uzbekistan played a concert featuring performances by up-and-coming musician Irena Gulzarova of Uspensky Music School in Tashkent and Bulgarian pianist Irina Georgiyeva on June 3 in what was a culmination of the string of concerts by the Orchestra.
Ismail Jalilov, art director of the National Symphonic Orchestra: “We are filled with pride that proud that our alumna Irene Gulzarova has achieved these heights. She has grown up in our orchestra and benefitted from the experience of our teaching staff. We are also happy to play with Irina Georgiyeva, who is notable for her unique musical instinct. We appreciate the Fund Forum’s cooperation in organizing such cultural events.”