Uzbekistan’s External Debt Rises to $43.97 Bn, Slowing but Still Growing

Uzbekistan’s external debt reached $43.97 bn as of October 1, according to new data from the Ministry of Economy and Finance, marking a quarterly increase of $473 mln. Although borrowing has slowed compared with previous periods, the government continues to depend heavily on foreign financing to support public spending and major infrastructure projects.

The World Bank remains Uzbekistan’s largest creditor with $8 bn in outstanding loans, followed by the Asian Development Bank at $7.5 bn. International investors hold $5.8 bn in Eurobonds, while loans from Chinese and Japanese financial institutions amount to $3.7 bn and $3.1 bn, respectively.

Other significant lenders include the Asian Infrastructure Investment Bank with $1.7 bn, and France with $1.2 bn. The Islamic Development Bank and various smaller creditors contribute another $2.5 bn combined.

Uzbekistan’s debt is heavily dollar-denominated, with 63% of obligations in U.S. dollars. Debt in Uzbek som accounts for 12%, followed by 8% in euros and 6% in Japanese yen. The rest is held in Special Drawing Rights and other currencies.

In a related report, RIA Novosti cited World Bank data showing Uzbekistan increased its debt to Russia by $39 mln in 2024. Across 38 countries, total debt owed to Russia rose to $33.1 bn, the highest level since 1998.

Kursiv Uzbekistan also reports that the Ministry of Justice has announced that a new decree signed by President Shavkat Mirziyoyev sets out plans to expand the Tashkent Metro network to 103 km by 2030.