Tashkent, Uzbekistan (UzDaily.com) -- At a regular meeting of the Legislative Chamber of the Oliy Majlis, a bill on public debt was considered in the second reading.

As noted at the meeting, the document was developed on the basis of advanced international experience. It has four main areas.

The first is the management of public debt on the basis of international standards, increasing the role of parliament in this process, maintaining it at a safe level for macroeconomic stability;

The second is to ensure timely guaranteed servicing of the state’s internal and external debt;

Third, the diversification of public debt and reducing the risks of increasing the cost of servicing it;

Fourth, the improvement of the system of state guarantees.

According to the deputies, the adoption of the bill will ensure the creation of legal mechanisms aimed at preventing the fragmentation of the public debt management process, managing the risks of public debt, timely and complete fulfillment of obligations on public debt, and maintaining public debt at a stable level.

The law helps to improve the position of the Republic of Uzbekistan in international ratings, increase the confidence of foreign investors in the creditworthiness of the country.

The bill was passed by the deputies.