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    Uzbekistan Money Economics

    Uzbekistan's public debt soars to $34.9bn, exceeding expectations by $2.8bn

    Uzbekistan's public debt soars to $34.9bn, exceeding expectations by $2.8bn

    As of early 2024, the public debt rose to $34.9bn, reflecting a $5.7bn increase from the previous year and exceeding the expected figure by $2.8bn, as reported by the Ministry of Finance. This amount constitutes approximately 38.4% of Uzbekistan's gross domestic product (GDP).

    Photo: Public debt rises by $5.7bn from last year, reaching 38.4% of GDP
    Source: Google Images

     

    Uzbekistan's public debt comprises both external and domestic debts. External debt amounts to $29.6bn, equivalent to 29.6% of the country's GDP, while domestic debt stands at $5.3bn, accounting for 5.3% of GDP. 

    Government-raised debt amounted to $23.91bn, with an additional $5.72bn guaranteed by Uzbekistan.

    International financial institutions financed Uzbekistan's development, with the World Bank and the Asian Development Bank extending loans of $6.6bn and $6.4bn, respectively. Other major creditors are the Islamic Development Bank ($0.9bn), international investors ($3.4bn in Eurobonds), the Japan International Cooperation Agency ($2bn), and the Eximbank of China ($1.9bn).

    Photo: Major creditors include the Islamic Development Bank, JICA, and Eximbank of China
    Source: Daryo

     

    Bonds, particularly those issued internationally, constituted a substantial portion of the debt portfolio, amounting to $3.4bn.

    Currency denomination emerged as a critical factor, with 71.4% of external debts denominated in US dollars, followed by Uzbek soums at 6.9%, Japanese yen at 6.2%, and others comprising smaller percentages.

    Domestically, public debt rose to $5.29bn, reflecting an increase from $3.32bn in 2022. The government securities accounted for $1.78bn of this debt, while the remaining $3.51bn represented state-guaranteed domestic debt.

    Servicing the burgeoning debt proved financially demanding, with Uzbekistan disbursing $2.82bn in 2023 for debt servicing. This included $1.69bn for debt repayment and $1.12bn for interest payments, driven in part by an increase in international bond interest rates.

     

    The allocation of debt across sectors showcased a strategic focus on budget support and energy, which together accounted for nearly half of the total debt. Support for the state budget witnessed a substantial increase, rising from $8.6bn in 2022 to $11.6bn in 2023.

    Looking ahead, Uzbekistan faces the challenge of managing its debt burden while balancing developmental needs and fiscal sustainability. With plans to repay UZS 32.27 trillion ($2.6bn) of debt and allocate UZS 16.38 trillion ($1.3bn) for interest payments in 2024, representing 3.7% of GDP, prudent fiscal management will be imperative.

    The nation's fiscal dynamics are stressed by a record budget deficit of UZS 59 trillion ($4.7bn) in 2023, necessitating strategic measures to address expenditure priorities and revenue enhancement. 

     

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    31.05.2024, 16:12   Comments (0)   2716
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    Mokhinur Sultanova

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