Uzbekistan’s total external debt surpasses $75bn

As of October 1, 2025, the country’s total external debt reached $75.4 billion. Of this amount, $37.4 billion accounted for public external debt, up from $33.7 billion at the beginning of the year. The remaining $38.0 billion consisted of loans taken by private and state-owned enterprises – corporate debt – compared with $30.2 billion in January. Over the nine-month period, public debt rose by more than 10 percent, while corporate debt increased by nearly 27 percent.

In January 2025, the outstanding external debt attracted by the government and enterprises from foreign states, international financial institutions, and investors totaled $64.1 billion. Over three quarters, this figure grew by $11.3 billion.

In its commentary, the Central Bank explained that corporate external borrowing from nonresidents includes loans and credits raised without state guarantees by the private sector, including entrepreneurs, to finance investment projects, replenish working capital, expand business operations, and for other purposes. It added that statements by the International Monetary Fund and international rating agencies recognize Uzbekistan’s external debt burden as moderate, noting that most of the borrowing has been secured on concessional terms.