Uzbekistan has received a major vote of confidence from international markets after Fitch Ratings upgraded the outlook on the country’s sovereign credit rating from “Stable” to “Positive,” while affirming its long-term rating at “BB.”

According to Fitch, the improved outlook reflects Uzbekistan’s continued progress in implementing economic reforms and maintaining policies aimed at preserving macroeconomic stability, The Caspian Post reports via Spot.uz.

Analysts believe these efforts are creating favorable conditions for sustainable economic growth and stronger fiscal performance in the years ahead, despite ongoing global economic uncertainty.

The agency highlighted the government’s budgetary and monetary reforms, noting that they have increased transparency in economic policymaking, helped reduce fiscal imbalances, and contributed to the growth of foreign exchange reserves.

At the same time, Fitch pointed out that Uzbekistan’s current “BB” rating still reflects several structural challenges, including relatively low GDP per capita, dependence on commodity exports, and persistently elevated inflation.

Head of the Presidential Administration Saida Mirziyoyeva, who leads the working group focused on improving Uzbekistan’s sovereign credit profile, welcomed the outlook upgrade and described it as a strong signal of confidence from international investors.

She reaffirmed the country’s long-term goal of achieving an investment-grade sovereign rating of “BBB-” by 2030, emphasizing that Uzbekistan will continue working closely with international partners and advancing reforms designed to strengthen economic resilience and attract investment.