As of the end of 2024, Uzbekistan's public debt nearly reached $40.2 billion, accounting for 35% of the country's Gross Domestic Product (GDP), the Ministry of Economy and Finance of Uzbekistan informs.
Of this amount, external debt stands at $33.7 billion, while domestic debt is around $6.5 billion, the ministry specified.
The majority of external debt is denominated in foreign currency, and almost all of it consists of long-term borrowings. Uzbekistan is required to repay only $96 million within one year.
The report from the Ministry of Finance also states that approximately $18 billion of the public debt is in fixed-interest loans, $15.6 billion is in variable-rate loans, and only $138 million consists of interest-free obligations.
At the end of 2023, Uzbekistan's public debt stood at $34.9 billion, meaning the debt increased by more than $5 billion over the year.
The currency structure of Uzbekistan’s public debt is dominated by the US dollar, which accounts for 68% of borrowings (over $27.2 billion). Another 7% of the debt (mainly domestic) is denominated in Uzbek soums. Meanwhile, the euro and the Japanese yen each account for 6% of the total debt.
Uzbekistan’s largest creditors are international financial institutions, which hold 57% of the country’s external debt ($19.1 billion). Specifically, Uzbekistan owes $7.6 billion to the World Bank (WB), $7.4 billion to the Asian Development Bank (ADB), and nearly $1.7 billion to the Asian Infrastructure Investment Bank (AIIB).
Additionally, 31% of Uzbekistan’s external debt is owed to foreign financial institutions. Among them:
- Uzbekistan’s obligations to Chinese banks amount to $3.8 billion.
- The country owes $2.9 billion to Japanese financial organizations.
- Another $977 million is owed to France’s development agency and banks.
Uzbekistan’s debt to international investors has risen to $4.1 billion due to large-scale Eurobond issuances.
The public debt-to-GDP ratio reached 35%, up from 34.4% in the fourth quarter of 2023.
Meanwhile, neighboring Kyrgyzstan’s public debt at the end of 2024 rose to $6.5 billion, accounting for 37.52% of the country’s GDP.
CentralasianLIGHT.org
March 3, 2025