As of July 1, 2025, Uzbekistan’s public debt stood at $43.3 billion, an increase of 16.5% or $6.1 billion compared to the previous year. The debt-to-GDP ratio rose to 34.2%, up from 32.4% a year earlier. Of the total, $36.4 billion accounts for external debt and $7 billion for domestic debt, according to Kun.uz.
Borrowed funds were mainly allocated to budget support ($16.9 billion), energy ($5.9 billion), agriculture and water management ($3.1 billion), transport infrastructure ($2.9 billion), and housing and utilities ($3 billion).
The largest creditors include the World Bank ($7.8 billion), the Asian Development Bank ($7.4 billion), international investors through Eurobonds ($5.7 billion), financial institutions of China ($3.8 billion), and Japan ($3.2 billion). Other creditors are the Asian Infrastructure Investment Bank, the Islamic Development Bank, the EBRD, and several international financial organizations.
Authorities attribute the growth of debt to the needs of a developing economy and the financing of infrastructure, energy, and social projects. In 2025, external borrowings of up to $5.5 billion are planned, with $3 billion allocated to cover the state budget deficit.
According to the Central Bank of Uzbekistan, the country’s total external debt, including the corporate sector, reached $68.4 billion in the first quarter of 2025, rising by $4.3 billion from the previous period.
CentralasianLIGHT.org
September 2, 2025