Finance
31/08/2025

Uzbekistan’s Public Debt Exceeds US$43 Billion as of 1 July 2025

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s public debt amounted to US$43.37 billion as of 1 July 2025, according to data from the Ministry of Economy and Finance. Over the past year, the figure increased by 1.84%, while the debt-to-GDP ratio rose from 33.6% to 34.2%.

The bulk of the obligations comes from external debt, which stood at US$36.41 billion, or 84% of the total. External debt grew by 2.4% year-on-year, reaching 28.7% of GDP compared to 28% a year earlier. Most borrowings are denominated in foreign currency, totaling US$35.36 billion.

Domestic debt at the end of the first half of the year amounted to US$6.96 billion, down 1% from last year. Its ratio to GDP remained unchanged at 5.5%. Of this, US$4.06 billion was raised in the national currency and US$2.9 billion in foreign currencies.

In terms of borrowing structure, 47% of external debt (US$16.9 billion) was allocated to budget support, 16% (US$5.9 billion) to fuel and energy projects, and 9% (US$3.1 billion) to agriculture and water management. Another 8% each was directed to transport infrastructure (US$2.9 billion) and housing and utilities (US$3 billion).

Uzbekistan’s largest creditors remain the World Bank (US$7.8 billion), the Asian Development Bank (US$7.4 billion), and Eurobond holders (US$5.7 billion). They are followed by financial institutions from China (US$3.8 billion), Japan (US$3.2 billion), the Asian Infrastructure Investment Bank (US$1.7 billion), as well as creditors from France (US$1.1 billion), the Islamic Development Bank (US$935 million), and Korean financial institutions (US$750 million).

Other outstanding obligations include loans from the International Monetary Fund (US$642 million), Germany’s state bank (US$481 million), the European Bank for Reconstruction and Development (US$401 million), and several other organizations, with total debt to these creditors amounting to US$2.5 billion.