Uzbekistan has raised its foreign borrowing limit for 2024 from $5bn to $7.3bn, marking the first adjustment to external debt ceilings since 2020. Economist Otabek Bakirov noted that $3.2bn of the increased borrowing is allocated to support the state budget, while $4.1bn will finance investment projects.
The revised borrowing limits come as Uzbekistan's external debt is projected to rise significantly. Public debt, which was $11.6bn in 2017, is expected to reach $39.7bn by the end of 2024, representing a 3.4-fold increase over seven years. Further projections suggest that public debt could surpass $55.9bn by 2027, indicating an additional 40% growth within three years.
The original borrowing limit for 2024 was set at $5bn, evenly distributed between state budget support and investment projects. However, the increase aligns with broader trends in rising public expenditures. Earlier reports indicate that parliament approved an approximately 10 trillion soums ($779mn) increase in spending for government agencies.
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