Uzbekistan’s External Debt Reaches $68.4 Bn

Uzbekistan’s external debt rose to $68.4 bn in the first quarter of 2025, according to the latest external sector report from the Central Bank. The figure reflects both public and private sector borrowing and highlights the country’s continued access to international financing amid strong investor confidence.

Of the total, $35.8 bn corresponds to public debt, while $32.6 bn is held by private (corporate) borrowers. Despite the increase, the report notes that most of the debt is concessional and considered moderate in terms of debt sustainability.

Investment and Exports Support External Stability

Foreign investment remains a core source of external financing. In Q1 2025, foreign direct investment totalled $752.3 mln, nearly double the amount seen in the same period last year. Portfolio investment inflows reached $1.5 bn, largely due to international bond placements.

At the same time, exports surged by 22%, totalling nearly $8 bn, while imports remained steady at $10.5 bn, helping to narrow the trade deficit by 34% to $2.6 bn. This resulted in a significantly reduced current account deficit of $160.7 mln, down from over $2 bn a year earlier.

Reserves and Investment Position Improve

Uzbekistan’s international reserves strengthened, rising by $1.8 bn in foreign currency, with a further $6.7 bn increase from gold price gains. As of 1 April 2025, total reserves stood at $47.9 bn.

The country’s net international investment position (NIIP) improved by 24%, reaching $17.2 bn. This was supported by a $7.9 bn increase in foreign assets, outpacing the $4.6 bn rise in liabilities.

Kursiv also reports that new figures from the Central Bank show that borrowing has become a common feature of household finances in Uzbekistan.