Uzbekistan’s gross external debt exceeds $82 billion

Uzbekistan’s total external debt increased by $18 billion in 2025, reaching $82.2 billion, according to a report by the Central Bank of Uzbekistan on the country’s balance of payments, international investment position, and external debt.

As of January 1, 2026, the outstanding public external debt amounted to $40.5 billion. The ratio of public external debt to GDP continued its downward trend, decreasing by 0.4 percentage points compared to 2024 to 27.5 percent by the end of the reporting year. These funds were entirely long-term and largely attracted on concessional terms.

Corporate external debt, attracted by economic entities and banks from non-residents, totaled $41.7 billion, equivalent to 28.4 percent of GDP. More than 92 percent of these funds were raised on a long-term basis.

Within the structure of corporate external debt, $6.5 billion consisted of loans attracted from foreign investors who made direct investments, while $7.3 billion was raised through the issuance of international bonds. The remaining portion was formed through loans and borrowings attracted without state guarantees by the private sector, including companies and banks, to finance investment projects, replenish working capital, and expand business activities.

According to statements by the International Monetary Fund and international rating agencies, Uzbekistan’s external debt burden is assessed as moderate, largely due to concessional borrowing terms. It was noted that the government does not bear obligations for corporate external debt, and repayments are carried out using the funds of companies and banks themselves.

Earlier reports indicated that Uzbekistan’s total external debt had reached $75.4 billion by the end of the first nine months of 2025. Subsequently, the Ministry of Investments, Industry and Trade of Uzbekistan published an explanatory report on the growth of the country’s external debt, detailing how the funds are being allocated. According to the ministry, the core principle is straightforward: attracting investments and resources aims to improve the population’s standard of living.