Uzbekistan’s public debt reaches $40.2 bn

In 2024, Uzbekistan’s public debt reached $40.2 bn, accounting for 35% of the nation’s Gross Domestic Product (GDP), the Ministry of Economy and Finance reports. This development indicates a consistent upward trend in the country’s debt levels over recent years.

The external debt stands at $33.7 bn, representing 84% of the total public debt. Of this, $17.9 bn comprises fixed-rate loans, while $15.64 bn is attributed to variable-rate loans. Notably, in 2024, external borrowing reached $7.3 bn, surpassing the legally mandated cap of $5 bn.

Domestic debt experienced growth, rising from $5.9 bn to nearly $6.5 bn within the year. Fixed-rate loans constitute $5.1 bn of this amount, with an additional $1.2 bn acquired interest-free.

The nation’s public debt has shown a steady increase over the past five years:

2019: $17.8 bn
2020: $23.4 bn
2021: $26.3 bn
2022: $29.2 bn
2023: $34.9 bn

Looking ahead, the government has set a new external borrowing limit of $5.5 bn for 2025. Projections suggest that by the end of 2025, Uzbekistan’s public debt could rise to $45.1 bn, equating to 36.7% of GDP. This planned borrowing includes $3 bn designated for supporting the state budget and $2.5 bn allocated for financing investment projects.

Behruz Karimov, Deputy Director of the Public Debt Department at the Ministry of Economy and Finance, clarified that the reported debt figures reflect the balance of funds already utilized. He noted that when a loan agreement is signed, the full amount is not immediately counted in the debt statistics; instead, funds are disbursed over multiple years, and only the amount used within a given year is recorded.