Uzbekistan's state debt increased by $6.6 billion in 2025, reaching $46.85 billion (+16.5% compared to 2024), according to data from the Ministry of Economy and Finance. At the same time, the debt-to-GDP ratio declined from 35% to 31.9%, indicating that the economy grew faster than the volume of borrowings, Gazeta.uz reports.
Debt Structure
As of January 1, 2026:
- External public debt: $39.8 billion (27.1% of GDP), up $6.1 billion;
- Domestic debt: $7 billion (4.8% of GDP), up $0.55 billion.
For comparison: six years ago, in 2020, public debt stood at $17.8 billion. The most significant increase occurred in Q4 2025 — +$2.9 billion in just three months.
Allocation of Borrowings
The largest item remains budget support: the volume of such loans grew by $4.5 billion (to $19.8 billion), with their share in total debt rising from 45% to 50%.
Other key changes:
- Social sector (healthcare, education, ICT): +$1.06 billion, share increased from 7% to 9%;
- Transport: +$208 million (to $3.06 billion), led by road and railway projects;
- Agriculture and water management: +$420 million (to $3.34 billion);
- Housing and utilities: +$332 million (to $3.19 billion).
Obligations decreased in the oil and gas sector (–$380 million), coal industry (–$86 million), and industrial support programs (–$222 million).
Uzbekistan's Creditors
The majority of external debt ($22.3 billion, 56%) is owed to international financial institutions:
- World Bank — $8.95 billion;
- Asian Development Bank — $8.36 billion;
- Asian Infrastructure Investment Bank — $2.28 billion.
Financial institutions from foreign states account for 29% ($11.7 billion), including Chinese, Japanese, French, and German entities.
The most notable relative growth was seen in international bonds (eurobonds): +$1.7 billion, reaching $5.85 billion (15% of total debt).
Currency Structure and Oversight
64% of external debt is denominated in US dollars, 12% in Uzbek som, 9% in euros, with the remainder in yen and other currencies.
Since 2023, parliament has approved annual ceilings on external borrowing. For 2026, the following limits have been set:
- $2.5 billion — for financing the state budget deficit;
- $2.5 billion — for investment projects.
Despite the rise in nominal debt, the improved debt burden indicator reflects a balanced approach to borrowing amid ongoing economic growth.
CentralasianLIGHT.org
February 26, 2026