Wednesday, 04, October, 2023

Uzbekistan plans to obtain its sovereign credit rating by the year-end, and in Q1 2019 to issue eurobonds, Deputy PM/Finance Minister Jamshid Kuchkarov said.

The Key Economic Reforms Roadmap for 2019-2021 was presented at Tashkent's Hyatt Hotel yesterday. The presentation was attended by the officials of the World Bank, the Asian Development Bank, the government, foreign business executives and experts.

The Deputy PM Kuchkarov said that the government is currently working with three rating agencies - Fitch, Moody’s, Standard & Poors. “Of course, they haven’t told us what grade they will assign. We have flaws, such as low GDP per capita, the country is ranked low in a number of ratings, however we also have strengths - low external debt, 24% of GDP, large foreign currency reserves, as well as strong political will to reform the country,” he noted.

“They are looking at us very positively and noted tremendous reforms in the economy, openness for dialogue,” he added.

“Uzbekistan will issue euroonds in the first quarter [of 2019], this year is not possible, investors have closed their books,” he said about the possible date of bonds issue.

Jamshid Kuchkarov did not elaborate on the planned value of the bonds issue “to avoid premature conclusions." “The value should not be small so that it can circulate in the secondary market, while it should not be too large either to be affordable,” he concluded.


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