Stronger gold prices should bolster Uzbekistan's exports and fiscal revenues and keep foreign exchange reserves high. Ongoing economic reforms and resilient domestic demand, supported by investment and labor remittances, will help sustain relatively strong GDP growth despite global trade tensions and uncertainties. Alongside the fiscal consolidation effort, this GDP growth will help the government contain budget deficits and the build-up of public debt. We revised our outlook on Uzbekistan to positive from stable and affirmed our 'BB-/B' ratings. On May 23, 2025, S&P Global Ratings revised its outlook on Uzbekistan to positive from stable. At the same time, we affirmed our 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility assessment on Uzbekistan remains
