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International ranking company Fitch Ratings: As a result of reforms, Uzbekistan's institutional indicators are gradually improving


Tashkent, February 1 / ′′ Donio ′′ News Agency ". Uzbekistan's credit rating in 2020 remained on ′′ BB -" (′′ Stable Expectations ′′), this is how the news agency ′′ Donio ′′ reported.
According to the Ministry of Treasury data, experts of the international ranking company Fitch Ratings held an online seminar on the issue of macroeconomic prospects and banking sector in Uzbekistan. More than 80 foreign investors, representatives of banks and international organizations and the media tools took part in it.
In their presentations, Fitch Ratings representatives mentioned that despite the coronavirus pandemic, in 2020 in Uzbekistan GDP growth stood at 1.6 percent, annual inflation fell from 15.2 percent to 11.1 percent and prevented a sharp increase in the budget deficit. In their opinion it reflects the stable macroeconomic situation in the country. Additionally, senior manager of Fitch Ratings, Eric Arispa, said that in the face of the global crisis and the reduction of sovereign credit rating, Uzbekistan's credit rating in 2020 remained ′′ BB -". According to an international expert, this was especially affected by Uzbekistan's external and physical certificates, including assets. Net sovereign foreigners, higher than those of countries with BB rating, moderate level of liquid assets of the Rehabilitation and Development Fund and the government, as well as the stability of public finances and growth rates. Alongside this, Eric Arispa emphasized the government's rapid steps against the crisis, the withdrawal of external funding and the economic details of the farm, as the main factors of economic growth in Uzbekistan.
Despite growing public debt in recent years, the dynamics of public debt is lower than the value of countries ranked as BB. At the same time, express trust that the constant limitations on public debt will lead to its stabilization in the middle term.
International ranking company representative Fitch Ratings emphasized the need for a coordinated fiscal and monetary policy to maintain the macroeconomic balance, to finance the deficit in the high account, especially through foreign direct investments, and to ensure a moderate level of farm loans.
It is pointed out that as a result of the reforms carried out in the country in recent years, the institutional metrics in the country are gradually improving.


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