Article 152. Public borrowings

Public borrowing consists of internal and external borrowings.

Public internal borrowing is the attraction of financial resources from residents of the Republic of Uzbekistan, under which obligations of the Republic of Uzbekistan arise as a borrower or guarantor of repayment of credits (loans) by borrowers-residents.

Public external borrowing is the attraction of financial resources from foreign sources (foreign states, international organizations, international financial and economic institutions, foreign government financial institutions and other non-residents of the Republic of Uzbekistan), under which obligations of the Republic of Uzbekistan arise as a borrower or guarantor of repayment of credits (loans) by borrowers-residents.

Decisions on public borrowings are made in accordance with the established procedure.

Government borrowing is carried out for:

covering the deficit of the State budget of the Republic of Uzbekistan;

financing of social and infrastructure projects, as well as projects aimed at environmental protection;

refinancing of public debt;

achieving the goals set out in the government debt management strategy;

cash management, including the implementation of operations to cover the temporary cash gap;

balance of payments support.

Government borrowing is carried out primarily to cover the deficit of the State Budget of the Republic of Uzbekistan.