Uzbekistan State Debt Service Costs to Double by 2029

Tashkent, Uzbekistan (UzDaily.uz) — State budget expenditures in Uzbekistan will grow from an expected 457.3 trillion soums in 2026 to 596 trillion soums in 2029, according to the Fiscal Strategy for 2027–2029. Meanwhile, their share of GDP will decline from 21% to 18.4%.

Interest payments on state debt will be the fastest-growing item, increasing from 23.8 trillion soums in 2026 to 29.4 trillion soums in 2027, 38.2 trillion soums in 2028, and 48.5 trillion soums in 2029 — doubling over three years. Their share of total budget expenditures will rise from 5% to 8%.

The social sphere remains the priority, accounting for 54% of expenditures. Education spending will rise from 102.1 trillion soums in 2026 to 155.6 trillion soums in 2029, while healthcare spending will increase from 50.7 trillion to 77.5 trillion soums. Expenditures on social benefits and financial aid will increase from 17.4 trillion to 24.3 trillion soums, and transfers to the Pension Fund will rise from 23 trillion to 27 trillion soums.

Conversely, subsidies to compensate for low gas, heating, and public transport tariffs for the population will decrease from 14.9 trillion soums in 2026 to 10.5 trillion soums in 2029.

Economic expenditures will drop to 58.5 trillion soums in 2027 following a peak of 76.6 trillion soums in 2026, before rising to 80 trillion soums by 2029. A total of 20.5 trillion soums is allocated for centralized investments in 2027, including 3 trillion soums for secondary schools, 3 trillion soums for road and transport infrastructure, and 1.7 trillion soums for irrigation. For state programs, 66 trillion soums is budgeted in 2027.