In the first half of 2023, Uzbekistan’s public debt saw an increase of $2.3 bn. This increase was solely attributed to the domestic public debt, which rose to $5.6 bn, while the external debt remained unchanged at $25.9 bn.
The public debt, to GDP, experienced a slight increase, amounting to 36.8%. This is significantly below the International Monetary Fund’s recommended limit of 60%, which is considered a safe level.
The Ministry of Economy and Finance anticipates that the state debt will remain within 37% of GDP for the years 2024-2026.
The Asian Development Bank holds the largest share of the debt at $6.2 bn, followed by the World Bank at $5.6 bn. The China State Development Bank and the Japan International Cooperation Agency are the third and fourth creditors with $3.8 bn and $2.1 bn respectively.
Uzbekistan also owes $0.9 bn to South Korea and the Islamic Development Bank, $0.7 bn to France, and $0.6 bn to Russia. An additional $1.5 bn of debt was taken from other international financial organizations and $0.8 bn from other states.
The majority of the external debt, approximately 34% or $8.76bn, was spent on supporting the state budget. The fuel and energy sector received the next highest allocation with 21% or $5.35 bn, followed by agriculture, transport, housing and communal services.
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