Uzbekistan's state debt reached $37bn in the first half of 2024, Minister of Economy and Finance Jamshid Kuchkarov announced during a parliamentary meeting on September 5.
Kuchkarov revealed that Uzbekistan’s public debt amounted to 33.2% of the country's gross domestic product (GDP) in the first half of the year. Of the total debt, $30.9bn is external debt, while $6.1bn is domestic debt. The minister noted that, according to the International Monetary Fund, Uzbekistan’s public debt remains at a moderate level.
"In the first six months, Uzbekistan signed foreign debt agreements worth $2.8bn under the state's guarantee. Additionally, $1.5bn in sovereign international bonds were issued to the global financial markets to support the state budget and refinance international bonds set to mature this year," Kuchkarov added.
A report from the Ministry of Economy and Finance showed that Uzbekistan's public debt in the first quarter of 2024 stood at $35.3bn, comprising 83% foreign debt and 17% domestic debt. The public debt-to-GDP ratio was 31.7% during this period.
Looking ahead, the ratio of public debt to GDP is forecasted to be 37% in 2024, 37.4% in 2025, and 37.9% in 2026. Meanwhile, Uzbekistan's GDP is projected to rise from $100bn in 2024 to $125bn in 2025, and $140bn by 2026.
The country’s legislation sets an upper limit of 60% for public debt compared to GDP, with a goal to limit the budget deficit to 4% in 2024.
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