Uzbekistan’s Public Debt Reaches US$44 Billion

Tashkent, Uzbekistan (UzDaily.com) — As of 1 October 2025, Uzbekistan’s public debt stood at US$43.97 billion, of which US$36.7 billion is external debt and US$7.2 billion is domestic debt.

Compared with the same period in 2024, the debt increased by US$4.88 billion, and the debt-to-GDP ratio reached 32.3%.

External debt accounts for 84% of the total, while domestic debt represents 16%. On a per capita basis, public debt reached US$1,154.

The majority of external borrowing has been directed toward budget support (47%), the fuel and energy sector (16%), agriculture and water management (9%), transport infrastructure (8%), and housing and utilities (8%).

The largest external creditors include the World Bank (US$8 billion), Asian Development Bank (US$7.5 billion), international investors (Eurobonds, US$5.8 billion), as well as financial institutions from China and Japan.

The currency composition of external debt is 63% in US dollars, 12% in Uzbek sums, 8% in euros, 6% in Japanese yen, and 2% in Chinese yuan.

Economy and Finance Minister Jamshid Kuchkarov emphasized that the increase in external debt is linked to investment and infrastructure projects, social sector support, and mortgage financing.

In 2025, the country plans to attract no more than US$5.5 billion in external resources, including US$3 billion to finance the budget deficit.

In addition to public debt, Uzbekistan is also forming a private (corporate) external debt, a significant portion of which is held by state-owned companies.

By the end of the first half of 2025, Uzbekistan’s total external debt amounted to US$72.2 billion.