We forecast Uzbekistan's economy to expand by 0.5% this year, with the economy's focus on agriculture and mining proving somewhat resilient to the global slowdown. We expect external debt levels will continue to rise and estimate that the economy's gross external debt will exceed liquid external assets by year-end 2020. We are affirming our 'BB-/B' long- and short-term sovereign credit ratings on Uzbekistan. The outlook remains negative. On Dec. 4, 2020, S&P Global Ratings affirmed its long- and short-term foreign and local currency ratings on Uzbekistan at 'BB-/B'. The outlook remains negative. The negative outlook reflects our view that Uzbekistan's external and fiscal debt could continue to increase rapidly. We could lower the ratings over the next 12 months if
