The Cabinet of Ministers of Uzbekistan has approved a strategy to improve public financial management, aiming to increase the efficiency of the budget system and strengthen control over public debt.

Key measures outlined in the strategy include:

• Stimulating the development of a secondary market for government bonds,
• Broadening the investor base,
• Issuing short-term domestic securities,
• And implementing a three-year public debt management strategy, to be updated annually.

Starting in June 2025, the government will begin publishing regular auction calendars for government bonds. From September 2025, Uzbekistan also plans to release periodic debt reports through the Public Sector Debt Statistics (PSDS) database maintained by the World Bank and the IMF.

Additional goals include:

• Building the public debt portfolio based on the principle of optimal cost and risk balance,
• Increasing transparency of macro-fiscal risks in the budget message and fiscal strategy,
• And developing a framework for setting limits on public-private partnership (PPP) projects by next year.

These reforms are designed to ensure macroeconomic stability, enhance fiscal discipline, and boost investor confidence in Uzbekistan’s government securities market.

Source: spot.uz