Uzbekistan’s External Debt Surpasses US$75 Billion

Tashkent, Uzbekistan (UzDaily.com) — As of 1 October 2025, Uzbekistan’s total external debt reached US$75.4 billion. During the first nine months of the year, government external debt grew by 10%, while corporate external debt rose by nearly 27%, according to data from the Central Bank of the Republic.

From January to September 2025, the country’s external debt increased by US$11.3 billion. At the beginning of October, government external debt stood at US$37.4 billion, up from US$33.7 billion on January 1. During the same period, corporate external debt rose from US$30.2 billion to US$38 billion.

At the start of the year, the total external borrowings raised by the government and companies from foreign states, international financial institutions, and private investors amounted to US$64.1 billion.

The Central Bank explained that corporate loans from non-residents were primarily used to finance private sector investment projects, replenish working capital, and expand business operations. All such borrowings were arranged without government guarantees.

International credit rating agencies and the World Bank classify Uzbekistan’s external debt level as moderate, noting that a significant portion of the funds was obtained on concessional terms.

According to the regulator’s estimates, 40–50% of corporate external debt is accounted for by state-owned companies, with the remainder belonging to the private sector.