Specific procedures for state debt have been established.  The Ministry of Finance regulates relations related to state debt

On 4 August, the twenty-ninth plenary session of the Senate of the Oliy Majlis (Parliament) began.  During the session the law "On State Debt" was considered.

The law stipulates the priority of the state debt and its servicing costs, the limited volumes of the state debt, and the powers of the state authorities and management bodies in the management of the public debt.

In addition, with the development of the law, attention was paid to the creation of an effective integrated system for establishing parliamentary and public control over state debt management.

The law stipulates that the maximum amount of the state debt should not exceed 60 percent of the gross domestic product, and only social and infrastructure projects can be financed from the state debt.

The powers of the president of the Republic of Uzbekistan, chambers of the Oliy Majlis, the chamber of accounts, the cabinet of Ministers, the Central Bank, and the Ministry of Finance are defined in the field of state debt management in accordance with the law.

In particular, the Ministry of Finance is designated as the competent body for state debt management.

Risk management for state debt and contingent liabilities of the state, the main principles, goals, and strategy of state debt management, as well as timely and complete fulfillment of state debt obligations, and norms aimed at maintaining state debt at a stable level are clearly defined.

In addition, the procedure for issuing a state guarantee, circumstances in which a state guarantee is not provided, obligations of borrower-residents, and provisions on cancellation of a state guarantee are reflected in the law.

As noted, the timely and complete fulfillment of obligations on the state debt will help to increase the confidence of the Republic of Uzbekistan as a borrower, which in turn will help attract the necessary funds in the future at moderate prices.

The procedure for fully informing our citizens the information about the state debt and related processes is also reflected in the law.

For this purpose, the Ministry of Finance has decided to post information on the state and the change of the state debt on its official website every quarter of the year.

The law aimed at ensuring the openness and transparency of information on the state debt was approved by the senators.