BAKU, Azerbaijan, Nov 15
By Natavan Rzayeva - Trend:
The Ministry of Finance of Uzbekistan has developed a draft law "On Public Debt" to increase the confidence of foreign investors that the country will be able to pay off the debt, Trend reports via the information service of the ministry.
The law sets out the basic rules for the management of public debt and the maximum amount of public debt in relation to gross domestic product.
The document also clearly outlines the duties of the president of Uzbekistan, the chambers of the Uzbek Parliament, the Accounts Chamber, the Cabinet of Ministers, the Central Bank of the country and the Ministry of Finance in the field of public debt management.
The bill also stipulates the rules for improving the system of state guarantees and a set of actions to manage the risks of public debt.
The goal of the project is to prevent fragmentation of the public debt management process and to maintain debt at a stable level.
According to the Central Bank, as of July 1, 2021, the total external debt of Uzbekistan, including the debt of the state and the private sector, amounted to $35.9 billion.