state debt of Uzbekistan has reached 37 billion dollars - Jamshid Kuchkarov

In the first half of 2024, Uzbekistan's public debt balance amounted to $37 billion. This was announced by the Minister of Economy and Finance, Jamshid Kuchkarov.

On September 5, during a parliamentary meeting, the minister provided an update on the country's debt status. According to Kochkarov, in the first half of this year, the state debt accounted for 33.2% of the gross domestic product (GDP).

"During the reporting period, the state debt balance was approximately $37 billion, of which external debt reached $30.9 billion, and internal debt amounted to $6.1 billion," the minister stated.

According to a Ministry of Economy and Finance report, the country's state debt stood at $35.3 billion in the first quarter of 2024. Of this, $29.4 billion (83%) was foreign debt, and $5.9 billion (17%) was domestic debt.

Referring to the International Monetary Fund report, Jamshid Kochkarov stated that Uzbekistan's public debt is currently at a moderate level. In the January-June period of this year, foreign debt agreements totaling $2.8 billion were signed on behalf of Uzbekistan under the state guarantee. Additionally, to support the state budget and refinance international bonds maturing in 2024, sovereign international bonds amounting to $1.5 billion were issued on the world financial markets.

For reference, the ratio of the country's public debt to GDP is projected to be 37% in 2024, 37.4% in 2025, and 37.9% in 2026. During this period, Uzbekistan's gross domestic product is expected to increase from $100 billion in 2024 to $125 billion in 2025, and to $140 billion in 2026.

As of January 1, 2024, Uzbekistan's public debt balance amounted to $34.9 billion, or 38.4% of GDP. At that time, the state’s external debt was $29.6 billion, and its internal debt was $5.3 billion.