Tashkent, Uzbekistan (UzDaily.com) -- At the twenty-ninth plenary session of the Senate, the Law on Public Debt was considered.

The law envisages the priority of the state debt and the cost of servicing it, the limiting volumes of the state debt, the definition of the powers of the state authorities and the public debt management department.

When developing this Law, attention was also paid to the creation of an effective integral system for establishing parliamentary and public control in the management of public debt.

The law establishes that the maximum amount of public debt in relation to GDP cannot exceed 60%, only social and infrastructure projects can be financed from public debt.

In accordance with the norms of the Law, the powers of the President of the Republic of Uzbekistan, the chambers of the Oliy Majlis, the Accounts Chamber, the Cabinet of Ministers, the Central Bank and the Ministry of Finance in the field of public debt management are established.

In particular, the Ministry of Finance is determined by the authorized body for public debt management.

The rules are clearly defined on the management of public debt and risks on conditional obligations of the state, the basic principles, goals and strategies for managing public debt, the principle of timely and complete fulfillment of obligations on public debt, maintaining the sustainability of public debt.

In addition, the Law contains rules relating to the procedure for issuing a state guarantee, the circumstances in which a state guarantee is not provided, the obligations of resident borrowers, and the termination of a state guarantee.

It was noted that the timely and full fulfillment of obligations on the public debt will help increase confidence in the Republic of Uzbekistan as a debt recipient country, which in turn will serve to further attract the necessary funds at reasonable prices.

The procedure for fully informing our citizens regarding data on public debt and related processes is also reflected in the Law.

For this purpose, it was established that the Ministry of Finance publishes quarterly information on the status and changes in the state debt on its official website.

Senators have approved a law aimed at ensuring openness and transparency of information on public debt.