Uzbekistan’s Public Debt Exceeds $44 Billion: Key Creditors and How Funds Are Allocated
Economy
As of October 1, 2025, Uzbekistan’s public debt reached $44 billion, marking an annual increase of nearly $4.9 billion. External debt amounts to $36.7 billion, while domestic debt stands at $7.2 billion. Public debt now equals 32.3% of GDP, with $1,154 per capita.
Debt Structure and Allocation
External debt accounts for 84% of the total, with domestic debt at 16%. Allocations of external borrowings include:
47% ($17.4 bn) — budget support
16% ($5.8 bn) — fuel and energy sector
9% ($3.2 bn) — agriculture and water management
8% ($2.8 bn) — transport and infrastructure
8% ($3 bn) — utilities and housing
Major Creditors
World Bank — $8 bn
Asian Development Bank — $7.5 bn
Eurobond investors — $5.8 bn
Chinese institutions — $3.7 bn
Japanese institutions — $3.1 bn
AIIB — $1.7 bn
French financial institutions — $1.2 bn
Islamic Development Bank — $932 mln
Korean institutions — $740 mln
IMF — $638 mln
EBRD — $426 mln
Others — $2.5 bn
Currency composition: 63% USD, 12% UZS, 8% EUR, 6% JPY, 2% CNY.
Government’s Position
Minister of Economy and Finance Jamshid Kuchkarov stated that the rise in public debt is tied to economic development needs, major infrastructure projects, social sector support, and national security. Part of the external funds supports housing construction and mortgage programs.
For 2025, external borrowing is capped at $5.5 billion, including $3 billion for budget deficit financing.
Total External Debt Nears $72 Billion
In addition to public debt, Uzbekistan has a significant amount of private (corporate) external debt, mostly owed by state-owned banks and enterprises borrowing without sovereign guarantees. These obligations are considered “quasi-sovereign” and influence financial stability.
As of mid-2025, Uzbekistan’s total external debt amounted to $72.2 billion.
External debt accounts for 84% of the total, with domestic debt at 16%. Allocations of external borrowings include:
47% ($17.4 bn) — budget support
16% ($5.8 bn) — fuel and energy sector
9% ($3.2 bn) — agriculture and water management
8% ($2.8 bn) — transport and infrastructure
8% ($3 bn) — utilities and housing
Major Creditors
World Bank — $8 bn
Asian Development Bank — $7.5 bn
Eurobond investors — $5.8 bn
Chinese institutions — $3.7 bn
Japanese institutions — $3.1 bn
AIIB — $1.7 bn
French financial institutions — $1.2 bn
Islamic Development Bank — $932 mln
Korean institutions — $740 mln
IMF — $638 mln
EBRD — $426 mln
Others — $2.5 bn
Currency composition: 63% USD, 12% UZS, 8% EUR, 6% JPY, 2% CNY.
Government’s Position
Minister of Economy and Finance Jamshid Kuchkarov stated that the rise in public debt is tied to economic development needs, major infrastructure projects, social sector support, and national security. Part of the external funds supports housing construction and mortgage programs.
For 2025, external borrowing is capped at $5.5 billion, including $3 billion for budget deficit financing.
Total External Debt Nears $72 Billion
In addition to public debt, Uzbekistan has a significant amount of private (corporate) external debt, mostly owed by state-owned banks and enterprises borrowing without sovereign guarantees. These obligations are considered “quasi-sovereign” and influence financial stability.
As of mid-2025, Uzbekistan’s total external debt amounted to $72.2 billion.
Powered by Froala Editor