“Uzbekistan’s foreign debt is forecast to be $32.6 billion in 2023” – Timur Ishmetov

At a regular meeting of the Legislative Chamber of Oliy Majlis, Minister of Finance Timur Ishmetov introduced the projected growth rate of Uzbekistan’s economy for the coming years.

It is reported that against the background of complex geopolitical situations, the growth of Uzbekistan’s economy is forecast to reach 5.7% in 2022, 5.3% in 2023, 5.6% in 2024, and 6% in 2025.

“As a result of fluctuations in food and fuel prices on the world market, the inflation rate in Uzbekistan is forecast to be 12% in 2022, and to decrease to 9.5% in 2023,” the finance minister said.

This growth rate is expected to be achieved due to the growth of industry from 5.1% to 6.9%, services – 14.1%, construction – 6%, agriculture – 3.5%.

In 2023, budget revenues are planned in the amount of 311 trillion soums, and expenses in the amount of 344 trillion soums. The volume of exports is projected to increase by $23.2 or 22.8%.

The consolidated budget was formed with a deficit of 32 trillion 528 billion soums or 3% of GDP.

It is expected to reach 29 billion 215 million dollars by the end of 2022. It is planned to be 32 billion 62 million by the end of next year. It is predicted that the amount of foreign debt in GDP will be 36% next year.

For information, as of July 1, 2022, the balance of Uzbekistan’s public debt was $26 billion or 35.1% of the gross domestic product (GDP).

Of this, the external debt of the state is $23.2 billion, and the internal debt – $2.77 billion.