Uzbekistan, the top country in the portfolio of the I-AM Vision Microfinance Fund, was recently affirmed its S&P BB-/B ratings with the outlook revised to positive. The country shows robust economic growth, an improved fiscal position and ongoing structural reforms. Under its development strategy, the country continues to make large-scale, debt-financed investments, with investments reaching 33.3% of GDP in 2024. The agency may upgrade the rating if reform momentum continues, fiscal discipline is maintained, and governance improves. Key risks include high external deficits, commodity price volatility, and spillovers from sanctions related to trade with Russia.