Uzbekistan Sets Course for BBB+ Investment Grade Rating

At Investor Day in Tashkent, Deputy Prime Minister Jamshid Kuchkarov announced the country's strategic goal to achieve a BBB+ credit rating by 2030 . This decision reflects the government's deep commitment to structural reforms and sustainable economic development .

Key 2025 Milestones:

• Uzbekistan's sovereign rating was upgraded by S&P from BB- to BB+ with a positive outlook — a historic recognition of the country's growing financial credibility on international markets .

• 16 major state-owned enterprises received international credit ratings from S&P, most at BB level .

• Several companies completed ESG rating assessments, demonstrating adherence to sustainable development principles .

Economic Transformation Program:

Uzbekistan is implementing a large-scale privatization program in accordance with Presidential Decree UP-145 . By the end of 2028, privatization of 29 major state-owned enterprises is planned, including UzAuto Motors, UMS, Uzmetkombinat, Navoiyazot, and key power plants . The program covers strategic sectors — telecommunications, energy, and mining .

Over the next three years, 12 major enterprises will enter stock exchanges through initial public offerings (IPOs) and secondary public offerings (SPOs) on domestic and international platforms . The National Investment Fund is preparing a dual listing in Tashkent and London with the possibility of placing up to 75% of shares to attract institutional investors .

Corporate Governance Reform:

The share of independent directors on company supervisory boards has reached 25%, with a target set at 50% . All major state-owned enterprises have transitioned to publishing financial statements under International Financial Reporting Standards (IFRS) with audits by leading international firms . The next step will be the implementation of semi-annual IFRS reporting, providing investors with access to current financial data .

In partnership with the Asian Development Bank and the World Bank, a privatization strategy for state enterprises and banks for 2026-2030 is being developed, to be approved by year-end .