President Shavkat Mirziyoyev signed the Public Debt Bill into Law. The law has established the powers of state bodies in the field of public debt management. The Ministry of Economy and Finance is assigned as the body responsible for public debt management.
According to the law, public debt management includes: development of public debt management strategy; attracting funds from the state; management of funds raised by the state; public debt risk management; restructuring of public debt; re-crediting of funds raised by the state; finalization and presentation of a state guarantee; keeping the list of state debt contracts and state guarantees; accounting and reporting of the state debt; ensuring the servicing of the state debt and performing state guarantees.
Accordingly, a 3-year public debt management strategy shall be approved by the Cabinet of Ministers together with the fiscal strategy.
Public debt includes internal and external debt and by type can be short (up to 1 year), medium (1 to 5 years), long-term (5 years or more).
The maximum size of public debt should not exceed 60 percent of the annual forecast figure of the gross domestic product.
The law will take effect in 3 months.
