The president signed the public debt act

The law”on public debt " was signed by the president.
By law, the powers of state bodies in the field of public debt management were established. The Ministry of economy and finance is an authorized body in the field of Public Debt Management. 

According to the law, the management of public debt consists of: developing a strategy for managing public debt; raising funds by the state; managing funds attracted by the state; managing risks associated with public debt; restructuring public debt; re-lending funds attracted by the state; formalizing and providing a state guarantee; maintaining contracts and lists of state guarantees regarding public debt; maintaining accounting and reporting; to ensure the provision of services on public debt and to fulfill state guarantees.

Accordingly, the government debt management strategy is approved by the Cabinet of ministers together with the fiscal strategy for a period of 3 years.

Public debt includes domestic and foreign debt and can be short (up to 1 year), medium (1 to 5 years), long-term (5 years or more).

The maximum amount of public debt should not exceed 60 percent compared to the annual forecast indicator of gross domestic product.

The law comes into force 3 months later.