Uzbekistan announced that the holders of its 14% synthetic local currency notes of UZS 2.5 tln due in 2024 to tender them for cash while planning for new soum debt. The country also plans a EUR-denominated 3-year sustainability bond and a USD-denominated 7-year bond. Meanwhile, the IMF has highlighted the risks to growth in the country, pointing to the war in Ukraine, the volatility of commodity prices (mainly food & energy), and domestic delays in reducing public expenditures, placing pressure on fiscal consolidation.