Uzbekistan’s Public Debt Rises to US$48.32 Billion

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s public debt rose to US$48.32 billion in the second quarter of 2026 from US$46.99 billion in the previous quarter, an increase of US$1.33 billion, according to the Ministry of Economy and Finance.

Public debt as a share of GDP increased from 26.3% to 27.0% over the same period. External debt remained the largest component, rising from US$39.78 billion in the first quarter, or 85% of total debt, to US$40.71 billion, or 84%, in the second quarter. Its ratio to GDP increased from 22.2% to 22.8%.

Domestic debt rose from US$7.21 billion to US$7.60 billion. Its share of total public debt increased from 15% to 16%, while its ratio to GDP rose from 4.0% to 4.2%.

Fixed-rate loans accounted for the largest share of external debt. Their volume increased from US$20.78 billion to US$21.72 billion, while their share rose from 44% to 45%. The share of floating-rate loans declined from 40% to 39%.

The share of external debt denominated in foreign currencies decreased from 82% to 80%, while the share of obligations denominated in the national currency increased from 2% to 4%. Almost all external debt remained long-term, with obligations due in more than one year totaling US$39.29 billion, or 81%, in the second quarter.

Within domestic debt, instruments denominated in the national currency accounted for 10%. The share of foreign-currency obligations declined from 6% to 5%. The short-term portion of domestic debt increased from US$0.80 billion to US$1.17 billion.

The US dollar remained the largest currency in Uzbekistan’s external debt, accounting for US$27.44 billion, or 57%, down from 58% a quarter earlier. The euro accounted for US$3.90 billion, or 8%, while the Japanese yen accounted for US$2.75 billion, or 6%. Debt denominated in Chinese yuan increased from US$1.39 billion to US$1.50 billion, while its share remained at about 3%. The share of the Uzbek soum in external debt doubled from 2% to 4%.

International financial institutions remained the largest group of creditors, accounting for US$22.48 billion, or 55%, of external debt. The World Bank accounted for US$9.12 billion, or 22%, followed by the Asian Development Bank with US$8.18 billion, or 20%. The Asian Infrastructure Investment Bank accounted for US$2.32 billion, while the Islamic Development Bank accounted for US$1.20 billion.

Financial institutions of foreign governments accounted for 28% of external debt, or US$11.45 billion. The largest share within this group came from China’s Development Bank and Export-Import Bank, at US$3.89 billion.

The share of investors holding Uzbekistan’s international bonds increased from 15% to 17%, while Eurobond debt rose from US$5.80 billion to US$6.78 billion.

By use of funds, half of external debt, or US$20.53 billion, was allocated to support the state budget. The fuel and energy sector accounted for US$5.47 billion, or 13%, including US$4.21 billion for electricity.

Transport infrastructure accounted for US$3.06 billion, or 8%, while agriculture and water management received US$3.34 billion, or 8%. Housing and utilities accounted for US$3.38 billion, or 8%.

Healthcare, education, information and communications technologies and other sectors accounted for US$3.72 billion, or 9%, of external debt.