Uzbekistan’s Public Debt Reaches US$46.9 Billion by End of 2025

Tashkent, Uzbekistan (UzDaily.com) — As of the end of 2025, Uzbekistan’s public debt totaled US$46.85 billion, equivalent to 31.9% of the country’s gross domestic product (GDP), according to data from the Ministry of Economy and Finance of Uzbekistan.

The majority of these obligations continue to be external debt. By the end of 2025, external debt stood at US$39.82 billion, accounting for approximately 85% of the total public debt. The ratio of external debt to GDP increased to 27.1%.

Over the course of the year, the indicator showed steady growth, rising from US$35.57 billion in the first quarter to nearly US$44 billion in the third quarter, before settling at a higher level by year-end.

The structure of external borrowings indicates a predominance of fixed-rate obligations, which make up about 45% of the portfolio. The share of variable-rate debt rose to 40%, while interest-free obligations remain minimal at around 1%.

The overwhelming majority of external debt is denominated in foreign currency—83%—while obligations in the national currency remain around 2%. Almost all external debt is long-term: more than 84% of obligations have maturities exceeding one year, with no short-term borrowings recorded.

Domestic public debt at the end of 2025 totaled US$7.03 billion, or 15% of the total debt, equivalent to 4.8% of GDP. During the year, its volume fluctuated between US$6.9 and US$7.2 billion.

Unlike external borrowings, domestic debt is largely denominated in the national currency. Its share increased to 10% of total public debt, while obligations in foreign currency declined to 5%.

Within the domestic debt structure, fixed-rate obligations dominate, accounting for about 12% of total public debt. Interest-free instruments also play a significant role, maintaining a stable share of around 3%.

The bulk of domestic debt consists of long-term obligations with maturities exceeding one year.