Uzbekistan State Debt Reaches US$46.9 Billion

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's state debt stood at US$46.9 billion, or 31.9% of GDP, as of 1 January 2026, according to the Fiscal Strategy for 2027–2029. External debt reached US$39.8 billion, while domestic debt totaled US$7 billion.

By the end of 2026, the state debt-to-GDP ratio is projected at 31%, while multi-scenario calculations project the indicator to average 32% of GDP in 2027–2029, remaining within the legally established ceiling of 40% of GDP.

The document notes that, according to an IMF assessment conducted during Article IV consultations in June 2025, risks related to Uzbekistan's state and external debt remain low, and its capacity to service debt is assessed as high.

In 2025, external borrowing agreements totaling US$2.5 billion were signed on behalf of and under the guarantee of the republic to finance investment projects. By sector, the largest portion of external debt — US$19.8 billion — was allocated to budget support, US$5.6 billion went to the fuel and energy sector, and US$3.1 billion to US$3.5 billion each was directed to transport, agriculture and water management, and housing and communal services.

To reduce currency risks, authorities are increasing borrowings in national currency, with the share of soum-denominated liabilities in state debt rising from 5.9% in 2020 to 12.2% by the end of 2025.

Net placement of state treasury bonds increased from 3.4 trillion soums in 2020 to 30 trillion soums in 2025, with the volume of outstanding bonds reaching 49.9 trillion soums.

Sovereign international bonds in the national currency were issued for 17.8 trillion soums.

Over the medium term, the strategy provides for lengthening the average debt maturity, diversifying currencies and sources, and publishing quarterly public debt statistics in line with IMF recommendations.