Uzbekistan's public debt rose to $48.32 billion in Q2

Uzbekistan's public debt rose to $48.32 billion in April–June 2026 — up $1.33 billion from the previous quarter, with its share of GDP climbing from 26.3% to 27.0%. This is according to the Ministry of Economy and Finance of Uzbekistan.

Almost all of the increase came from external borrowing, which rose to $40.71 billion (84% of total debt), while domestic debt grew to $7.60 billion. More than half of external debt — $22.48 billion — is held by international financial institutions, led by the World Bank and the Asian Development Bank. Meanwhile, the share of investors holding Uzbekistan's eurobonds rose from 15% to 17% over the quarter, with the amount growing from $5.80 billion to $6.78 billion.

Half of all external debt continues to go not toward specific projects but toward budget support — $20.53 billion. On the positive side, the share of debt denominated in national currency doubled, from 2% to 4%, slightly reducing currency risk. A full breakdown by currency, creditor and sector is provided in the infographic.