Uzbekistan’s total external debt has risen to $64.1 billion, reflecting a sharp increase in both state and corporate borrowing, according to a report by the Central Bank of Uzbekistan.
Uzbekistan’s external debt has reached $64.1 billion, marking an increase of $4.2 billion in state debt and $6.6 billion in corporate loans, as reported by Kun.uz.
According to the Central Bank of Uzbekistan, by the end of 2024, $33.9 billion of the external debt will be state-guaranteed, while $30.2 billion consists of non-guaranteed corporate debt. The rapid growth in corporate debt is attributed to national companies expanding their presence in international financial markets.
For comparison, the country’s total external debt was $53.3 billion in 2023, with $29.7 billion in state debt and $23.6 billion in corporate debt.
Uzbekistan’s state external debt is primarily sourced from three main creditors:
International financial institutions – 57%
Foreign government financial organizations – 31%
International investors – 12%
The largest creditors are:
World Bank – $7.63 billion (23%)
Asian Development Bank – $7.4 billion (22%)
International investors – $4.1 billion
State-backed loans are allocated across multiple sectors:
State budget support – $15.3 billion (45%)
Energy and fuel industry – $5.74 billion (17%)
Agriculture and water management – $2.9 billion (9%)
Transport and infrastructure – $2.85 billion (8%)
Healthcare, education, and ICT – $2.45 billion (7%)
By the end of 2025, Uzbekistan’s state debt is projected to reach $45.1 billion, accounting for 36.7% of the country’s estimated GDP of $125 billion. An additional $5.5 billion in external borrowing is planned for 2024, with $3 billion earmarked for budget support and $2.5 billion for investment projects.
With GDP expected to surpass $140 billion in 2026, the state debt-to-GDP ratio is projected to rise to 37.9%, pushing the total state debt beyond $53 billion.
Debt servicing costs are also escalating. In 2023, the government allocated 8 trillion UZS for debt repayment. In 2024, this amount rose sharply to 14.5 trillion UZS. Forecasts indicate that interest payments will continue to rise:
2025 – 21.1 trillion UZS
2026 – 30.3 trillion UZS
2027 – 33.8 trillion UZS
The increasing external debt burden highlights Uzbekistan’s reliance on international financing, raising concerns about long-term fiscal sustainability.
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Uzbekistan and the Philippines are working to boost bilateral investment cooperation, with a focus on key sectors such as ICT, electrical engineering, transport, geology, and textiles.
The Kremlin announced Monday that Russia will implement a full ceasefire in Ukraine from May 8 to May 10, coinciding with its celebrations of Victory Day over Nazi Germany. The truce, ordered by President Vladimir Putin for "humanitarian reasons," will begin at midnight on May 8 (2100 GMT, May 7).
Greece plans to equip its railways with remote control systems and real-time tracking by September, aiming to improve safety after the country’s deadliest train disaster.
Spanish power grid operator Red Electrica said it was working with energy companies to restore power after large parts of Spain and Portugal were hit by a power outage on Monday.
SIPRI’s annual report, released Monday, said global military expenditure reached $2.72 trillion in 2024, a 9.4% increase from 2023 and the largest year-on-year rise since the Cold War's end. This marks the tenth straight year of growth.
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