TASHKENT, Sept. 23 (Xinhua) -- The Uzbek government has decided to set up Guarantee Fund to ensure timely, complete and guaranteed servicing of public debts, the country's Justice Ministry said Wednesday.
According to a resolution by the cabinet, Guarantee Fund will be formed under Treasury of the Finance Ministry without being a legal entity.
Uzbekistan's foreign debts have increased by 12.5 percent to 27.6 billion U.S. dollars in the first half of this year, of which 17.5 billion dollars are state borrowings and 10.1 billion dollars are private sector debts, according to the Central Bank.
The growth of public debts is due to an attraction of new external borrowings to mitigate the impact by the COVID-19 outbreak, and to finance state programs to develop the nation's economy, the bank said. Enditem
