Uzbekistan’s external debt rises 28% to $82.2bn

Uzbekistan’s total external debt increased by $18.1bn, or 28%, over the past year to reach $82.2bn as of January 1, 2026, with a sharp rise in corporate borrowing, according to the Central Bank.

Of the total amount, $40.5bn accounts for public external debt, while $41.7bn has been attracted by banks and enterprises. Officials noted during an April 28 briefing that state-owned enterprises make up less than 50% of corporate external debt.

Over the year, public debt grew by $6.6bn (19.4%), while corporate external borrowing expanded more rapidly, rising by $11.5bn (36.3%). The Central Bank emphasized that corporate external debt does not carry state guarantees, meaning companies are fully responsible for repayment from their own funds.

In relation to the economy, public external debt stood at 27.5% of GDP at the beginning of 2026, slightly down by 0.4 percentage points year-on-year. Meanwhile, corporate external debt reached 28.4% of GDP, increasing by 2 percentage points compared to a year earlier.

According to the regulator, $6.5bn of corporate external debt consists of funds attracted from foreign direct investors, while $7.3bn was raised through international bond placements. The remaining share includes loans and borrowings привлеченные by private sector entities and banks—without state guarantees—to finance investment projects, replenish working capital, and expand business operations.

Earlier data from the Ministry of Economy and Finance showed that 56% of public external debt — or $22.3bn — was provided by international financial institutions. The largest creditors include the World Bank ($8.95bn) and the Asian Development Bank ($8.35bn).

Another $11.66bn (29%) was attracted from foreign government financial institutions, with major contributions from the China Development Bank and Eximbank, as well as nearly $3bn from the Japan International Cooperation Agency. In addition, $5.9bn was raised through sovereign international bond issuances.

Half of the public external debt which amounts to $19.83bn has been used to cover the state budget deficit. Other funds were directed toward key sectors, including $5.6bn for the energy sector, $3bn for transport and infrastructure, $3.3bn for agriculture and water management, and $3.2bn for housing and коммунал services.

Spending also included $3.5bn allocated to healthcare, education, ICT, and other sectors, alongside $662mn for the chemical industry and $612mn to support entrepreneurship and industrial production.

Under the 2026 state budget law, Uzbekistan plans to attract up to $5bn in additional external borrowing this year. Half of this amount will be used to cover the budget deficit, while the remainder will finance investment projects.

Interest payments on public debt are expected to total UZS 24 trillion (around $2bn) in 2026.