Uzbekistan’s external debt exceeds $75 billion

As of October 1, 2025, Uzbekistan’s total external debt reached $75.4 billion, according to the Central Bank’s review titled “Balance of Payments, International Investment Position, and External Debt of the Republic of Uzbekistan.”

According to the report, in the third quarter of 2025 Uzbekistan’s gross external debt amounted to $82.4 billion. Of this total, $37.4 billion accounted for public external debt, while the remaining $38 billion was borrowed by private and state-owned enterprises (corporate sector). Over the first nine months of 2025, public debt increased by more than 10 percent, while corporate debt rose by nearly 27 percent.

The review notes a noticeable slowdown in the quarterly growth rate of outstanding public external debt attracted from abroad. Specifically, the indicator increased by 5.7 percent in the first quarter, 3 percent in the second quarter, and only 1.2 percent in the third quarter.

“As of October 1, 2025, the outstanding balance of these funds amounted to $37.4 billion. The balance of corporate loans and borrowings attracted from non-residents by business entities and banks stood at $38 billion,” the review stated.

It was emphasized that the structure of corporate debt attracted from non-residents includes loans and borrowings obtained without state guarantees by the private sector, including business entities, for financing investment projects, replenishing working capital, expanding business activities, and other purposes.

“At the same time, statements by the IMF and international rating agencies recognize that Uzbekistan’s external debt burden remains at a moderate level, largely due to the fact that the debt has been attracted on concessional terms,” the review said.

For reference, at the end of the first half of 2025, Uzbekistan’s total external debt stood at $72.2 billion, of which public external debt amounted to $36.8 billion and corporate external debt totaled $35.4 billion.