Tashkent, Uzbekistan (UzDaily.com) -- The Law on Public Debt was signed by the President of Uzbekistan Shavkat Mirziyoyev.

The law establishes the powers of state authorities in the field of public debt management.

The Ministry of Economy and Finance is the authorized body in the field of public debt management.

According to the Law, public debt management consists of:

- development of a public debt management strategy;

- government borrowing;

- management of funds borrowed by the state;

- management of risks associated with public debt;

- restructuring of the public debt;

- on-lending of funds borrowed by the state;

- registration and provision of state guarantees;

- maintaining a list of state loan agreements and state guarantees;

- accounting and reporting of public debt;

- ensuring the service of the public debt and the execution of the state guarantee.

Accordingly, the government debt management strategy is approved by the Cabinet of Ministers together with the fiscal strategy for a period of 3 years.

Public debt includes public domestic debt and public external debt and can be short-term (for a period of up to 1 year), medium-term (for a period of 1 to 5 years) and long-term (for a period of 5 or more years)

The size of the state debt should not exceed 60 percent in relation to the annual forecast indicator of gross domestic product.

The law comes into force in 3 months from the date of its official publication.