As of July 1, 2026, Uzbekistan's public debt reached $48.3 billion, an increase of $4.8 billion over the past year. Its share of GDP, however, decreased from 29.6% to 27%, Daryo.uz reports.
The bulk of the debt is foreign borrowing—$40.7 billion, or 84% of the total. Domestic debt is $7.6 billion (16%).
The largest amount of the external public debt—$27.4 billion—is in US dollar loans. Another $3.9 billion equivalent was raised in euros, $2.7 billion in Japanese yen, $2.1 billion in Uzbek soums, and $1.5 billion in Chinese yuan.
Who lent to Uzbekistan?
$22.5 billion of the external debt, or 55%, is owed to international financial institutions. The largest creditors are:
- World Bank — $9.1 billion;
- Asian Development Bank — $8.2 billion;
- Asian Infrastructure Investment Bank — $2.3 billion;
- Islamic Development Bank — $1.2 billion.
Another $11.45 billion came from foreign financial institutions. Specifically, $3.9 billion was provided by Chinese banks, $3.1 billion by the Japan International Cooperation Agency and other organizations, and $1.3 billion by the French Development Agency and other creditors.
The remaining debt to international investors is $6.8 billion.
How were the borrowed funds spent?
Half of the external debt — $20.5 billion — was used to cover the state budget deficit.
$5.5 billion was allocated to the fuel and energy sector, $3 billion to transport, and $3.3 billion to agriculture and water management. Another $3.4 billion was allocated to housing and utilities.
Healthcare, education, information and communications technology, and other sectors accounted for $3.7 billion. Business support received $624 million, while the chemical industry received $605 million.
How has the national debt changed?
In 2019, Uzbekistan's public debt was $17.8 billion. In 2020, it increased to $23.36 billion, in 2021 to $26.3 billion, in 2022 to $29.2 billion, and in 2023 to $34.9 billion.
In 2024, the debt reached $40.2 billion, and by the end of 2025, it was $46.85 billion. The largest annual increase during this period occurred in 2025, at $6.6 billion.
For comparison, at the end of the first quarter of 2026, the combined external debt of the state and enterprises of Uzbekistan was $82.2 billion. Of this, $40.5 billion was public external debt, and $41.7 billion was corporate debt.
CentralasianLIGHT.org
August 25, 2026