Published on: 2026-06-03
Source: People’s Republic of China in Russian –
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Tashkent, June 3 /Xin Hua/ — The international rating agency Fitch Ratings on Wednesday revised the forecast for Uzbekistan’s sovereign credit rating from “stable” to “positive,” confirming the long-term issuer default rating at the BB level.
As noted by the agency, the improved forecast is due to significant progress by Uzbekistan in implementing economic reforms, enhancing macroeconomic stability, and improving key financial indicators. In particular, Fitch recorded an acceleration in the pace of privatization of state property, a reduction in energy subsidies, and a gradual transition to an inflation targeting regime.
According to Fitch forecasts, Uzbekistan’s gross domestic product (GDP) growth in 2026 will be 6 percent, with a subsequent recovery to 6.4 percent in 2027-2028. In addition, the agency noted a significant reduction in the consolidated budget deficit to 2.1 percent of GDP by the end of 2025, which turned out to be noticeably below the legally established ceiling of 3 percent.
A positive factor is also recognized in the noticeable growth of the country’s gold and foreign currency reserves, which increased from 41.2 billion US dollars at the end of 2024 to 66 billion US dollars at the end of 2025 against the backdrop of high gold prices. According to Fitch estimates, this indicator may reach 71 billion US dollars in 2026.
As key conditions for further rating improvement to the BB+ level, the agency named the sustainable implementation of structural reforms, long-term improvement of public administration standards, and continued budget consolidation. –0–
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