The draft document is now under consideration in the Legislative Chamber of the Oliy Majlis.

Photo: AFP

The Ministry of Finance has reported that the law will establish the rules for managing the state debt and its maximum amount in relation to the country’s GDP.

It also delineates the powers of various authorities, including the president, government, Central Bank and others.

The Ministry of Finance believes that the document will increase the confidence of foreign creditors and investors that the country will be able to pay off the debt and thereby provide Uzbekistan with favorable borrowing conditions.