The Law «On State Debt» was reviewed

The Law "On State Debt" was considered at the twenty-ninth plenary session of the Senate. The law stipulates the priority of public debt and its servicing costs, the limited volumes of public debt, the authority of state authorities and management bodies to manage public debt.

Also, in the drafting of the law, attention is paid to the creation of an effective integrated system for the establishment of parliamentary and public control over the management of public debt..

The powers of the President of the Republic of Uzbekistan, chambers of the Oliy Majlis, Chamber of Accounts, the Cabinet of Ministers, the Central Bank and the Ministry of Finance in the field of public debt management are defined in accordance with the law.

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

Risk management of public debt and contingent liabilities of the state, main principles, objectives and strategies of public debt management and timely payment of public debt obligations and the norms aimed at maintaining the state debt at a stable level are being clearly defined.

The procedure for fully informing our citizens about 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 of the state debt and its changes 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 senators.