In the first half of 2026, Uzbekistan's total external debt increased by $1.9 billion, reaching $84.1 billion (government debt: $41.7 billion; corporate debt: $42.4 billion), UzDaily.uz reported.
According to the Central Bank of Uzbekistan, the current account deficit was $6.2 billion due to a negative trade balance of $13.4 billion. Total exports fell by 8.6% ($15.4 billion) due to a decline in gold sales, although non-resource exports increased by 27%. Imports increased by 24% ($28.8 billion), with machinery and equipment dominating. Net FDI inflows reached $2.3 billion, and the IMF maintains its assessment of the country's debt burden as low.
Uzbekistan's growing external debt reflects the active phase of technological modernization of the economy. The widening foreign trade deficit is driven by the structure of imports: purchases of machinery, equipment, and vehicles represent long-term investments in the production base, not consumer overheating.
The decline in gold exports is market-driven, offset by a significant increase in non-resource exports (+27%) and services (+45%). Positive FDI inflows ($2.3 billion) and a high share of concessional loans confirm the manageability of debt risks and the sustainability of the country's macroeconomic model.
CentralasianLIGHT.org
September 30, 2026