“Public debt remains manageable despite rise in external borrowing” – MIIT

The MIIT has published clarifications regarding the structure of total external debt and the objectives for which the attracted funds are allocated.

As of October 1, 2025, Uzbekistan’s total external debt amounted to $75.4 billion. Of this amount, $37.4 billion accounts for sovereign external debt, while the remaining $38 billion consists of borrowings by private and state-owned enterprises without a state guarantee (corporate debt).

“The key principle here is simple: the purpose of attracting investments and resources is to improve people’s living standards. This is not about ‘attractive reports’ or ‘impressive figures’, but about tangible improvements felt in everyday life – jobs and household incomes, infrastructure, access to clean water, energy, transport, and high-quality social services.

The economic logic is also clear: for the economy to grow faster, resources are needed – capital, technologies, equipment, and new markets. If a country stops attracting resources, growth slows down: fewer jobs are created, it becomes more difficult to upgrade roads and social infrastructure, expand water supply, and ensure affordable energy,” the ministry said in its statement.

In this context, Uzbekistan has been consistently working to attract investment to accelerate economic development, increase GDP, and ultimately improve the quality and length of people’s lives. Notably, since 2020, life expectancy has shown steady growth – from 73.4 years to 75.1 years in 2024.

It is separately emphasized that, under international classifications, Uzbekistan’s level of public debt is considered moderate and manageable.

Sovereign external debt of $37.6 billion is equivalent to approximately 26% of GDP. This is significantly below the indicative threshold levels that, in global practice, are regarded as potentially risky for macroeconomic stability.

The ministry also detailed what has been accomplished through public borrowings during the period from 2017 to 2025:

• 1,564 km of highways reconstructed;

• 470 km of railway lines electrified;

• 6,793 km of drinking water supply networks and 664 km of sewerage networks constructed;

• 96 km of heating pipelines built, along with 1,286 individual heating substations, 166 water distribution facilities, and 31 sewage pumping stations;

• 2,737 MW of additional electric capacity created, with 1,106 km of high-voltage power transmission lines laid;

• commissioning of additional generation capacity totaling 2,084 MW, production of 16,423 million kWh of electricity, and 551.8 thousand Gcal of thermal energy ensured.

In the area of transport modernization and urban services, 4 Boeing 787-8 aircraft, 2 Talgo-250 high-speed passenger trains, 30 electric locomotives, 70 railcars and 29 trainsets for the metro, 1,900 buses, 1,000 ambulances, 541 units of municipal solid waste collection equipment, and 13 heating boilers were procured.

In addition, 119 educational and research laboratories were established at 60 higher education institutions, and 6,213 state preschool education organizations were equipped with furniture, educational materials, and office equipment.

In the agriculture and water management sector, 1,593.1 km of canals were rehabilitated, 3,396 hydraulic structures modernized, 423 vertical wells constructed, modern greenhouses established on 2.2 thousand hectares, intensive orchards created on 12.6 thousand hectares, and cold storage facilities with a capacity of 334.9 thousand tons built.

Enterprises for processing agricultural products with a capacity of 258.2 thousand tons were also launched, and farms were established with livestock capacity of 12.3 million head in poultry farming, 5,752 head in sheep breeding, and 26.3 thousand head in livestock farming.

It is noted that these figures reflect already utilized borrowings. A significant portion of infrastructure and social sector modernization projects is still ongoing and will deliver further impact as the work is completed.

Overall, as a result of the comprehensive set of measures implemented between 2017 and 2025, more than 2 million jobs were created, exports increased by 270%, and GDP per capita rose by 418%.

In his Address, the president separately emphasized that members of parliament will oversee the entire project cycle – from selection and competitive tenders to implementation and outcomes. Project statuses, stages, and phases will be published in real time so that it is clear how competitions and tenders are conducted and how obligations are fulfilled.