Uzbekistan’s external debt revealed

Uzbekistan's total external debt amounted to $72.2 billion as of the first half of this year. This was reported in the Central Bank’s review ’’Uzbekistan’s balance of payments, international investment position and external debt.’’

Of this figure, public external debt stood at $36.8 billion, while corporate external debt reached $35.4 billion. For comparison, in the same period of 2024, Uzbekistan’s total external debt was $56.6 billion, including $31 billion in public debt and $25.6 billion in corporate debt.

During the reporting period, the current account balance recorded a deficit of $156.3 million, compared to nearly $2.9 billion in the first half of 2024. This shift is attributed to a significant reduction in the trade deficit and an increase in international remittances flowing into Uzbekistan.

As a result of export growth outpacing imports, the trade balance deficit decreased by 20 percent compared to the same period last year, amounting to $6.4 billion. In particular, total exports increased by 29 percent to $16.6 billion, while total imports rose by 10 percent, reaching nearly $23 billion.

During the first half of 2025, net inflows of foreign direct investment into the country increased by 42 percent compared to the same period of 2024, reaching $1.6 billion. Net portfolio investment inflows, largely driven by transactions involving international bonds, amounted to $3.1 billion. Due to these structural factors, the financial account balance recorded a deficit of $895.9 million at the end of the reporting period.

It is worth noting that in the first quarter of this year, Uzbekistan’s total external debt stood at $68.4 billion, of which public external debt accounted for $35.8 billion and corporate external debt for $32.6 billion.