Uzbekistan’s Public Debt Rises to $43.3 Bn in Q2 2025

The Ministry of Economy and Finance has reported Uzbekistan’s public debt figures for the second quarter of 2025. By early July the total debt had risen to more than $43.3 bn, an increase of 1.6% compared with January to March this year.

Of this amount $36.4 bn came from external borrowing and $6.9 bn from domestic sources. The country’s main creditors are international financial institutions, including the Asian Development Bank, the World Bank and other organisations.

Tashkent has also borrowed from the International Monetary Fund as well as state banks in Germany and Spain.

As of early July around $17 bn of external public debt was allocated to budget support, about $6 bn to the fuel and energy sector and $4.1 bn to power generation.

Last autumn the ministry forecast that Uzbekistan’s public debt would reach $45.1 bn by the end of 2025.

Kursiv also reports that the Centre for Economic Research and Reforms (CERR) has begun adapting aspects of China’s poverty reduction model to Uzbekistan’s socio-economic context.