Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s external debt reached US$88.03 billion at the end of 2025, increasing by 24.7% over the year, according to the World Bank’s International Debt Report 2026.
Over the past decade, the country’s debt to foreign creditors has grown approximately 6.5 times, from US$13.57 billion in 2015.
Uzbekistan’s external debt growth outpaced the figures for neighbouring countries and developing economies as a whole. In Europe and Central Asia, total external debt increased by 15.3% in 2025, while the rise among low- and middle-income countries was 5.5%.
Of the total, US$48.46 billion represents public debt and publicly guaranteed obligations. A further US$32.84 billion consists of external borrowing by private companies without government guarantees. Short-term debt reached US$6.73 billion.
The largest share of Uzbekistan’s public and publicly guaranteed debt is owed to international financial institutions, at US$22.82 billion. This includes US$8.36 billion owed to the Asian Development Bank and US$5.01 billion to the International Development Association, which is part of the World Bank Group. Debt to other multilateral creditors amounts to US$9.45 billion.
Debt to foreign governments is estimated at US$10.53 billion. The largest bilateral creditors are China, with US$3.85 billion, and Japan, with US$2.99 billion. Other countries collectively account for around US$3.7 billion.
Obligations to private creditors total US$15.11 billion, or approximately 31% of Uzbekistan’s public and publicly guaranteed debt.
The international bond market has become one of the main sources of financing. In 2025, Uzbekistan issued US$3.9 billion in bonds, more than any other country eligible for concessional financing from the International Development Association.
According to the report, the government issued US$1.6 billion in bonds, including securities denominated in the national currency. Another US$2.4 billion was raised by other public-sector entities. However, these two figures add up to US$4 billion, exceeding the report’s stated total issuance of US$3.9 billion by US$100 million.
The World Bank also highlighted the high cost of Uzbekistan’s market borrowing. The yield on soum-denominated bonds maturing in 2028 reached 15.5%. The report’s authors said inflation risks partly explain this rate. Dollar-denominated bonds were issued at a yield of 7.38%.
Borrowing costs vary significantly depending on the source of financing. In 2025, official creditors — foreign governments and international organisations — provided loans to Uzbekistan at an average interest rate of 3.4%, with a 21-year maturity and a five-year grace period. Private creditors offered financing at an average rate of 8.6% over 10 years, with the grace period extending throughout the loan term.
The country’s debt burden relative to economic output also increased. External debt reached 60% of gross national income and 227% of export earnings, with both ratios exceeding their levels a year earlier.
At the same time, debt-service costs declined relative to economic indicators. In 2025, principal and interest payments amounted to 29% of export earnings and 8% of gross national income. Compared with 2024, these ratios fell by 18.6% and 17.7%, respectively.
Across Europe and Central Asia, external debt service in 2025 amounted to 25% of export earnings and 8% of gross national income. According to the World Bank, this was the highest debt-service-to-income ratio among regions comprising low- and middle-income countries.
