Page 20 - Uzbek Outlook 2024

UZS38.6 trillion, which predominantly reflects bond issuance (UZS25 trillion) and revenues from privatisation (UZS10 trillion). The overall balance between external and domestic sources is relatively equal. With regard to risks, there is a level of uncertainty concerning privatisation receipts as the sale of large state assets has often been delayed in recent years.
6.2 Capital markets
The Uzbek government is planning to privatise several state-owned enterprises (SOEs) by floating their shares on the Tashkent Stock Exchange (TSE) and has turned its attention to getting them ready, but the market remains narrow and shallow. There is still a lot of work still to do.
The market is functioning but new laws are required and integration into the global system needs to be finished.
Public debt remains low amid strong economic growth, but Uzbekistan’s fiscal performance worsened in 2023. The share of general government debt to GDP dropped from 37.1% in 2020 to 34.3% in 2022, mostly thanks to strong economic growth.
The bond market has seen the most progress with the first domestic corporate bond issue last June by the white goods manufacturer Artel in a landmark deal.
20 Uzbekistan Outlook 2021 www.intellinews.com