Uzbekistan’s public debt exceeds $43 billion – where has the money been spent?

The ministry reported that total public debt reached $43.376 billion as of July 1, 2025. External debt accounted for $36.41 billion, while domestic debt totaled $6.96 billion.

Over the year, public debt rose by $6.135 billion. Its share relative to GDP also increased – from 32.4 percent to 34.2 percent.

For comparison, on July 1, 2024, public debt amounted to $37.241 billion. Within a year, this figure grew by 16.5 percent.

How has the borrowed money been used?

By the end of the reporting period, the breakdown of state external debt was as follows:

• 47 percent ($16.9 billion) – budget support

• 16 percent ($5.9 billion) – fuel and energy sector

• 9 percent ($3.1 billion) – agriculture and water management

• 8 percent ($2.9 billion) – transport and transport infrastructure

• 8 percent ($3 billion) – housing and utilities

Who are Uzbekistan’s creditors?

As of July 1, the distribution of state external debt by creditors was as follows:

• World Bank – $7.8 billion

• Asian Development Bank – $7.4 billion

• International investors (Eurobonds) – $5.7 billion

• Chinese financial institutions – $3.8 billion

• Japanese financial institutions – $3.2 billion

• Asian Infrastructure Investment Bank – $1.7 billion

• French financial institutions – $1.1 billion

• Islamic Development Bank – $935 million

• Korean financial institutions – $750 million

• International Monetary Fund – $642 million

• German state bank – $481 million

• European Bank for Reconstruction and Development – $401 million

• Other financial institutions – $2.5 billion