HOW IS THE MINISTRY SHAPING FISCAL POLICY TO SUSTAIN GROWTH AND ATTRACT HIGHER-QUALITY INVESTMENT?

 

Over the past several years, under the leadership of H.E. President Shavkat Mirziyoyev, Uzbekistan has implemented a consistent reform agenda aimed at building not only a larger economy, but a stronger and more resilient one. In 2025, the country’s GDP reached approximately 147 billion US dollars, expanding by 7.7 percent. Inflation declined to 7.3 percent, while GDP per capita approached 3,900 US dollars. These results reflect the effectiveness of coordinated fiscal and monetary policies and demonstrate that macroeconomic management is becoming increasingly disciplined and forward-looking.

 

Looking ahead, Uzbekistan is entering a new stage of development characterized by lower inflation, a controlled fiscal deficit, a stable financial system, and sustained inclusive growth. For 2026, GDP is expected to reach approximately 170 billion US dollars, with growth around 7 percent and inflation gradually declining toward 6–6.5 percent. This trajectory strengthens macroeconomic predictability, which is essential for both domestic and international investors.

 

Fiscal policy is guided by a medium-term framework that balances growth support with discipline. The fiscal deficit is capped at 3 percent of GDP, public debt remains well within prudent limits, and fiscal resources are increasingly directed toward productivity-enhancing investments in infrastructure, energy, education, and healthcare. These measures ensure that Uzbekistan’s economic expansion remains sustainable and investor-friendly.

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WHAT REFORMS IS THE MINISTRY PRIORITISING TO DEEPEN ENGAGEMENT WITH SOVEREIGN AND GLOBAL INVESTORS?

 

Deepening engagement with institutional investors requires transparency, credibility, and access to diversified financial instruments. Over recent years, Uzbekistan has significantly expanded its presence in international capital markets while strengthening domestic financial infrastructure. Since 2019, the country has issued approximately 6.6 billion US dollars in Eurobonds, including sustainable development and green instruments. These issuances have broadened the investor base and improved Uzbekistan’s visibility among global institutional investors. At the same time, the domestic capital market has expanded, with a growing share of medium-term treasury securities contributing to market depth and liquidity.

 

These developments, supported by improved macroeconomic indicators, stronger fiscal governance and accelerated reform progress, recently led to the upgrade of Uzbekistan's sovereign credit rating from BB- to BB. This upgrade lowers borrowing costs and improves access to international capital markets. In parallel, we are strengthening corporate governance standards and introducing ESG reporting for strategic state-owned enterprises. Institutional reform and transparency are becoming structural features of Uzbekistan’s economic model, making the country increasingly attractive to long-term institutional investors.

 

HOW IS THE MINISTRY COORDINATING ACROSS GOVERNMENT TO REACH THE 50 BILLION DOLLAR FDI TARGET?

 

Achieving the 50 billion US dollar investment target requires coordinated efforts across government institutions and a clear policy framework that aligns national development priorities with private capital. Public-Private Partnerships serve as one of the most effective instruments in this process. The Ministry of Economy and Finance acts as the central coordinator of the PPP framework, working closely with sector ministries, regional authorities, and state-owned enterprises to ensure that projects are prioritized consistently and prepared according to international standards.

 

An important policy focus has been the systematic de-risking of long-term projects. Standardized PPP agreements, transparent competitive procurement procedures, and clearly defined government support mechanisms help ensure that projects are bankable and attractive for international investors. In sectors such as energy and utilities, revenue structures are designed to maintain financial viability while preserving fiscal sustainability. Through these measures, Uzbekistan aims not only to attract individual investments but also to create scalable platforms that allow investors to expand their activities and reinvest over the long term.

 

HOW DO PARTNERSHIPS WITH THE EBRD, IDB AND OTHER IFIS STRENGTHEN UZBEKISTAN'S INVESTMENT CLIMATE?

 

Partnerships with international financial institutions play a critical role in strengthening Uzbekistan’s institutional capacity and aligning projects with global standards. Cooperation with institutions such as the EBRD and the Islamic Development Bank, including other IFIs, improves project preparation, enhances transparency, and reduces perceived risks for private investors.

 

Together with financing these institutions bring technical expertise and capacity building that contribute to the successful implementation of complex infrastructure projects in many sectors, including energy, transport, healthcare etc. Their participation often acts as a catalyst, attracting additional private capital and strengthening investor confidence. This collaborative approach creates a multiplier effect, allowing the country to mobilize significantly larger volumes of foreign investment than would be possible through public resources alone.

 

HOW DO YOU BALANCE FISCAL DISCIPLINE WITH FINANCING INFRASTRUCTURE AND LONG-TERM DEVELOPMENT PRIORITIES?

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Maintaining fiscal discipline while supporting sustainable economic development is a central priority of Uzbekistan’s macroeconomic policy. Growth must be accompanied by sustainability, and fiscal policy is designed to ensure that development investments do not compromise long-term stability. Public debt remains at a moderate level and well below the legally established ceiling of 60 percent of GDP. As of year-end 2025, government debt stood at 31.9 percent of GDP, reflecting prudent borrowing practices and responsible fiscal management.

 

To strengthen fiscal governance, annual borrowing limits have been institutionalized through the Budget Law, and a corrective mechanism is in place should debt approach 50 percent of GDP. These safeguards ensure that fiscal risks are monitored proactively and addressed in a timely manner. International partners, including the IMF, assess the risks related to Uzbekistan’s public debt as low. For investors, this sends a clear signal that Uzbekistan’s growth strategy is built on solid macroeconomic foundations and responsible public financial management.

 

WHAT ARE THE MOST COMPELLING REASONS TO INVEST IN UZBEKISTAN NOW, AND HOW WILL THE MINISTRY SUPPORT INVESTOR SUCCESS?

 

Uzbekistan today offers a unique combination of strong economic growth, macroeconomic stability, and a clear commitment to implement structural reform. The country ranks among the fastest-growing economies globally and benefits from a large and expanding domestic market supported by a young and dynamic population. With more than 38 million citizens and continued population growth, Uzbekistan offers significant opportunities for investors across multiple sectors. Priority areas include energy, mining, agribusiness, manufacturing, logistics and transport, digital services, and green technologies.

 

Institutional reforms have strengthened governance and improved international rankings, reflecting growing transparency and administrative efficiency. At the same time, ongoing efforts to join the World Trade Organization will further integrate Uzbekistan into the global economy and expand market access. Uzbekistan has moved decisively from potential to performance. Macroeconomic stability has been preserved, fiscal discipline has been institutionalized, and reforms continue systematically across sectors.

 

For international investors seeking long-term partnerships in a rapidly transforming economy, Uzbekistan represents not simply an emerging opportunity, but a structural one. We welcome investors to participate in this transformation and to grow together with Uzbekistan in the years ahead.