Uzbekistan launched steps to get a sovereign credit rating, Uzbek Deputy Prime Minister Jamshid Kuchkarov said during a meeting of the International Press Club (IPC) yesterday, Gazeta.uz news website said.
“We are at the very beginning of applying for the rating,” he said. “The New-York- based Citibank will become our consultant, or maybe it will be a consortium of banks – we will see.”
He said that the program of applying for the rating is awaiting approval by the President Mirziyoyev.
Jamshid Kuchkarov said that the Uzbek government sees the sovereign credit rating as one of the ways to diversify sources of finances from abroad.
“Sovereign credit rating is required, first and foremost, as a kind of benchmark, not solely to get cash from the market,” the deputy prime minister added.
He said that once we get the sovereign credit rating, Uzbekistan’s big companies and banks will be able to obtain a similar rating and raise funds in the market.
Uzbekistan’s sovereign credit rating will promote the inflow of foreign direct investments, boost cooperation with foreign partners and enable Uzbekistan’s banks and enterprises to get cheaper loans.