Uzbekistan’s public debt reached $43.96bn as of October 1, 2025, increasing by $4.9bn compared to the same period in 2024, according to new data from the Ministry of Economy and Finance.
The ministry reported that external debt accounted for $36.72bn, making up 84% of the total. Domestic debt stood at $7.24bn, or 16%.
More than half of the total borrowing—57%—was denominated in US dollars, while 8% was in euros and 10% in Uzbek soums.
International financial institutions provided a significant portion of the state’s external debt. The largest shares came from the World Bank ($8bn) and the Asian Development Bank ($7.5bn), totaling $19.84bn.
Uzbekistan also attracted financing from foreign governments, with Chinese banks providing $3.76bn and Japanese lenders $3.12bn. In addition, $5.83bn was raised from investors through the issuance of international bonds.
The ministry noted that 47% of external debt—$17.42bn—was used to support the national budget, helping cover a fiscal deficit where expenditures exceeded revenues. Another $5.8bn (16%) went to the fuel and energy sector, including $4.1bn directed toward electricity projects. The agriculture and water management sector received $3.27bn, while the remaining funds were distributed across other industries.
