Uzbekistan seeking to obtain investment-grade rating by 2030

TASHKENT. June 18 (Interfax) - Uzbek President Shavkat Mirziyoyev has set the goal for Uzbekistan to obtain an investment-grade credit rating by 2030, Jasur Karshibayev, advisor to the Economic and Finance Minister, said on the sidelines of the Tashkent International Investment Forum.

According to local media, Karshibayev said that a special working group, led by the head of the presidential administration, has already been formed to achieve the goal. The group's task is to coordinate reforms aimed at improving the country's rating.

"The investment rating is considered in conjunction with the broader strategic goal to increase the country's GDP to $240 billion by 2030 [from $180 billion in 2026], and enter the upper-middle-income category among other countries," Karshibayev said.

Karshibayev emphasized that long-term sustainability of economic growth must be ensured through the private sector and attracting private capital rather than through budget expenditures.

According to Karshibayev, the authorities have internally assessed Uzbekistan's situation using the methodologies of S&P Global Ratings, Fitch Ratings, and Moody's Ratings, covering the five categories of economic, monetary, fiscal, external, and institutional. The results were revealing, with the country's fundamental indicators already corresponding to investment-grade rating levels in four of the five categories, and only the institutional area lags. Karshibayev believes that the country's rating is largely determined by perception rather than objective data.

Uzbekistan currently has ratings of "BB" from Fitch and S&P, and "Ba3" from Moody's.