Uzbekistan’s public debt reached $40.2bn by the end of 2024, accounting for 35% of GDP, according to the Ministry of Economy and Finance.
External debt remains the dominant component, accounting for $33.7bn, or 84% of the total debt. Of this amount, $17.9bn was borrowed at fixed interest rates, while $15.64bn was acquired at variable rates. The Ministry did not disclose further details on interest rates or the composition of the debt.
Domestic debt has also seen an increase, rising from $5.9bn at the beginning of the year to nearly $6.5bn. A significant portion—$5.1bn—was borrowed at fixed interest rates, while $1.2bn was acquired without interest.
Uzbekistan’s public debt has steadily increased over the past five years. In 2019, it stood at $17.8bn, rising to $23.4bn in 2020, $26.3bn in 2021, $29.2bn in 2022, and reaching $34.9bn in 2023.
Despite a legally mandated $5bn limit on external borrowing for 2024, the actual amount reached $7.3bn, surpassing the cap.
For 2025, the government has set a new borrowing limit of $5.5bn. Projections suggest that by the end of 2025, Uzbekistan’s public debt could rise to $45.1bn, reaching 36.7% of GDP.
Behruz Karimov, Deputy Director of the Public Debt Department at the Ministry of Economy and Finance, explained that the reported debt figures reflect the balance of funds that have already been utilized.
"If a $100mn loan agreement is signed, the full amount is not immediately counted in the debt statistics. The funds may be disbursed over multiple years, and only the amount used within a given year is recorded," he said.
Ministry experts also noted that fluctuations in foreign exchange rates have affected the debt burden. In particular, the recent depreciation of the Japanese yen has reduced Uzbekistan’s external debt by approximately $250mn.
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