Uzbekistan's public debt hits $37 billion as government plans further borrowing

The minister noted that the public debt amounted to 33.2% of GDP.

"During the reporting period, the public debt balance stood at approximately $37 billion. Of this amount, external debt accounted for $30.9 billion, while domestic debt was $6.1 billion. According to the International Monetary Fund's report, the country’s current public debt is at a moderate level. From January to June of this year, on behalf of Uzbekistan and under state guarantees, agreements were signed for external borrowings totaling $2.8 billion. Additionally, in order to support the state budget and refinance international bonds maturing this year, sovereign international bonds worth $1.5 billion were issued in global financial markets," the minister said during a parliamentary session held on September 5.

According to a report from the Ministry of Economy and Finance, in the first quarter of 2024, the country’s public debt amounted to $35.3 billion. Of this, $29.4 billion (83%) was external debt and $5.9 billion (17%) was domestic debt. In the first quarter, the ratio of public debt to GDP stood at 31.7%.

Projections indicate that the ratio of public debt to GDP will be 37% in 2024, 37.4% in 2025, and 37.9% in 2026. At the same time, Uzbekistan’s GDP is expected to exceed $100 billion in 2024, $125 billion in 2025, and $140 billion in 2026.

The law sets a maximum public debt limit of 60% of GDP. To maintain this, the budget deficit for 2024 is planned to be kept at no more than 4%.