Saida Mirziyoyeva Says Moody’s Upgrade Will Drive Better Investments
Uzbekistan’s recent credit rating upgrade by Moody’s will allow the republic to attract foreign investment on far more favourable terms and secure much-needed jobs for its citizens according to Saida Mirziyoyeva, the head of the presidential administration.
Taking to her official Telegram channel to address the financial milestone Mirziyoyeva highlighted the government’s ongoing national ambitions and the path forward.
«There is still a lot of work ahead. Our goal is to build a strong, open and competitive economy that will provide a worthy future for the citizens of Uzbekistan,» she wrote.
In late June the international rating agency Moody’s officially revised Uzbekistan’s sovereign credit rating upwards from Ba3 to Ba2 while maintaining a stable outlook for the country. This positive evaluation was largely driven by several key factors including significant improvements in public administration and the overall stability of the national budget.
The agency also praised the republic’s continued economic reforms. These national initiatives are specifically aimed at:
- Combating corruption across various sectors
- Implementing stricter fiscal discipline
- Gradually reducing the state’s dominant role in the broader economy
Positive fiscal forecasts
Financial analysts at the rating agency project a resilient economic future for the country. They predict that the national budget deficit will remain comfortably below 3% of the gross domestic product in the coming years. Meanwhile total state debt is expected to hold steady at approximately 35% of GDP.
Moody’s report further noted that Uzbekistan is actively and successfully working to diversify its economic base. Rather than relying solely on traditional exports the republic is currently driving substantial growth across the manufacturing industry, construction and the service sector. This structural diversification alongside substantial foreign capital investments and robust migrant remittances continues to have a highly positive impact on the domestic economy.
