President signs law on public debt

The Ministry of Economy and Finance is the competent body in the field of public debt management.

According to the law, public debt management consists of the 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; formalization 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, the public debt management strategy is approved by the Cabinet of Ministers together with the fiscal strategy for a period of 3 years.

Public debt includes internal and external debt and can be short (up to 1 year), medium (1 to 5 years), or long-term (5 years or more).

The maximum amount of public debt should not exceed 60 percent of the annual forecast indicator of the gross domestic product.

The law will enter into force after 3 months.