Conclusion
The well known social aspects of microfinancing are particularly important for
Uzbekistan, considering the current demographic tendencies, the increasingly tough job
market and increased social tension.
1. Solution to employment problems. The entrepreneurs working under microcrediting
programmes recruit on average 2-3 family members into their businesses. Microfinancing has
already attracted more than 70 thousand clients, and thus has provided about 200 thousand
people with employment in Uzbekistan. Taking into account the low mobility and
challenging problems of employment in the agrarian labour as well as Uzbekistan’s high
birth rate, it is most likely that microfinancing here can serve as a long-term, fundamental
and effective tool to ameliorate social problems.
2. Emergence of middle class owners – The underpinning of socio-political stability in
any country. Analysis has shown that bank credits most effectively increase sustainability
and the rate of return on microbusinesses. With the help of microcredits, 71% of clients of
MFOs increased their turnover, while 60% of clients increased their profits.
3. Microfinance organized and supported by the government reduces the appeal of
underground alternative financing schemes, especially those with religious and
extremist backgrounds.
Events of the recent years show that organizations of religious nature may gain a
moral and psychological advantage over the government within a short time-span. Today
methods of fighting against them exclusively by force are not sufficient. It is necessary to
organize the powerful alternative process of state resistance, and in this sense, the importance
of micro financing can hardly be overestimated.
4.
The organization of the process does not require a large financial commitment
by the state, since it is implemented on the conditions of urgency, finance charges, and
repayment. It is important that micro financing can address problems wherever official state
programmes fail: small trade, small businesses and agricultural production, particularly,
livestock farming, and services.
5.
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