Tashkent, Uzbekistan (UzDaily.com) – The Cabinet of Ministers adopted a resolution aimed at the effective management of public debt and targeted use of borrowed funds.

The document said that:

- according to IMF standards and the calculations of the Ministry of Finance to ensure macroeconomic stability in Uzbekistan, the maximum level of public debt should not exceed 50% of GDP;

- from 1 January 2020, the attraction of external debt of legal entities with a state share of 50% or more is carried out by notifying the Ministry of Finance in the prescribed manner.

The resolution entrusted with strict observance of the priority goals listed in the resolution for the effective management of public debt, including the transfer of legal entities. persons (including banks), with a state share of 50% or more, for financing under market conditions.

In addition, the resolution envisages the creation from 1 February 2020 of the Guarantee Fund without establishing a legal entity at the Treasury of the Ministry of Finance.