Uzbekistan’s State External Debt Ratio Falls to 27.5% in Early 2026
According to a recent report from the Central Bank of Uzbekistan, the nation’s outstanding state external debt stood at $40.5 bn at the beginning of 2026.
The financial regulator calculated that the ratio of this sovereign debt to the country’s gross domestic product (GDP) experienced a slight decline, dropping by 0.4% to settle at 27.5%. Officials at the Central Bank highlighted that these state borrowings were secured on a long-term basis and primarily under highly concessional terms.
Meanwhile, the balance of corporate debt, encompassing loans and borrowings acquired by Uzbek banks and businesses from non-residents, climbed to $41.7 bn. This private sector figure now represents 28.4% of the national GDP. Mirroring the state’s borrowing strategy, a significant majority of these corporate funds are long-term obligations, accounting for over 92% of the total.
Breaking down the corporate external debt structure reveals that $6.5 bn was sourced directly from foreign investors. An additional $7.3 bn was successfully generated through the issuance of international bonds.
The remaining balance consists entirely of private sector loans and borrowings obtained without government guarantees. Domestic businesses have actively channelled these funds into financing major investment projects, replenishing working capital and expanding their commercial operations.
