As of April 1, 2025, the total public debt of the Republic of Uzbekistan reached 42.43 billion US dollars. Such data is provided by the Ministry of Economy and Finance of the country. In annual terms, the volume of liabilities increased by $ 7.08 billion, which is an increase of about 20 percent compared to the same period last year.
Of the total amount of debt obligations, $ 35.55 billion is accounted for by external debt, while domestic debt is 6.87 billion. For comparison, as of April 1, 2024, the total national debt was $ 35.35 billion. In relation to gross domestic product, the indicator increased from 31.7% to 33.5%, which indicates an increase in the debt burden against the background of an increase in government borrowing.
An analysis of the external debt structure shows that a significant part of the funds raised is used to finance priority areas of state development. By the end of 2024, about 36% of external financing was allocated to support various sectors of the economy.
Thus, $ 15.29 billion was allocated to cover the state budget deficit, which is about 45% of the total external borrowing. A significant part of the funds — $ 5.74 billion or 17% - was invested in the development of the fuel and energy complex. About $ 2.9 billion (9%) went to the needs of agriculture and water management. Another 8% or $ 2.8 billion was allocated for the development of transport infrastructure, including the modernization of roads, rail links and logistics hubs.
Among the largest external creditors of Uzbekistan, as of January 1, 2025, international financial institutions are in the lead. In the first place is the World Bank with the amount of funds provided in the amount of $ 7.6 billion. It is followed by the Asian Development Bank with $ 7.4 billion. A significant share is also made up of funds raised on international markets through the placement of Eurobonds — $ 4.1 billion.
Significant borrowing partners also include Chinese financial institutions with $ 3.8 billion in debt and Japanese financial institutions with $ 2.9 billion in debt. The external debt structure also includes institutions such as the Asian Infrastructure Investment Bank ($1.6 billion) and other international and regional financial organizations that support the implementation of projects in the fields of energy, infrastructure, agriculture and sustainable development.
The growth of public debt is recorded against the background of active implementation of large-scale reforms, modernization of key sectors of the economy and significant investment programs aimed at long-term economic growth. At the same time, the observed increase in the level of debt requires a balanced fiscal policy and effective management of debt obligations, taking into account the current macroeconomic situation and global risks.
