Uzbekistan’s external debt reaches $68.4 billion in Q1 2025

Uzbekistan’s total external debt stood at $68.4 billion in the first quarter of 2025, according to the Central Bank’s report titled "Balance of Payments, International Investment Position and External Debt of the Republic of Uzbekistan".

Of the total, $35.8 billion accounted for government external debt, while corporate external debt stood at $32.6 billion.

During the reporting period, the current account posted a deficit of $160.7 million, significantly lower than the $2.1 billion deficit recorded in the same quarter of 2024.

The trade balance deficit also saw a notable improvement, decreasing by 34% to $2.6 billion compared to Q1 2024. This was attributed to stable import volumes amid a surge in exports. Specifically, total exports rose by 22%, reaching nearly $8 billion, while imports remained around $10.5 billion.

Strong growth in international remittances contributed positively to the balance of primary and secondary incomes, which amounted to $148.9 million and $2.2 billion, respectively.

The current account deficit was largely offset by inflows of foreign direct, portfolio, and other types of investments. Net inflows of foreign direct investment (FDI) nearly doubled year-on-year, totaling $752.3 million in Q1 2025.

Portfolio investment inflows amounted to $1.5 billion, primarily driven by international bond transactions. Despite these inflows, the financial account recorded a negative balance of $791.1 million due to structural factors.

As previously reported, on June 3 of this year, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov announced at a session of the Legislative Chamber that Uzbekistan’s total public debt as of April 1 stood at $42.4 billion. Of this, $35.6 billion was external debt and $6.9 billion was domestic debt, collectively amounting to 33.5% of the country’s projected GDP for 2025.