Uzbekistan’s External Debt Reaches $64.1 Billion Amid Rising Corporate Borrowing

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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