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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