Budget deficit and energy sector drive expansion of Uzbekistan’s state debt to $47 billion

Data released by the Ministry of Economy and Finance shows that $39.8 billion, or 85%, of the government-guaranteed loans consists of external debt. The remaining $7.2 billion, representing 15%, is domestic debt. The vast majority of the overall growth was driven by external borrowing, which expanded by $4.2 billion over the past year.

 Distribution of external borrowing

 A significant portion of the sovereign external debt, totaling $19.7 billion, was utilized to cover the state budget deficit. The ministry's analysis indicates that the remaining funds were channeled into critical sectors of the economy:

 The fuel-and-energy sector received $5.6 billion, while $3.3 billion went to agriculture and water management. Infrastructure also saw substantial investments, with $3.2 billion allocated to housing and communal services and $3 billion directed to transport networks.

 Furthermore, a combined $3.6 billion was spent on healthcare, education, and information and communication technologies. The government also channeled $624 million into supporting entrepreneurship and $607 million into developing the chemical industry.

 Top global creditors

 International financial institutions account for the largest share of Uzbekistan's external public debt, providing $22.3 billion or 56% of the total. The World Bank remains the country's single largest lender, with an outstanding balance of $9.04 billion, followed closely by the Asian Development Bank at $8.3 billion.

 Additionally, Uzbekistan owes $2.3 billion to the Asian Infrastructure Investment Bank and $1.1 billion to the Islamic Development Bank.

 Bilateral loans from foreign government financial institutions make up another $11.6 billion, or 29%, of the external debt profile. Chinese banks lead this category with $3.9 billion in outstanding credit, while the Japan International Cooperation Agency and other Japanese organizations have provided $3.1 billion.

 The remaining $5.8 billion was raised directly from international investors through the issuance of sovereign bonds.

 The Central Bank of Uzbekistan previously stated that the nation's total gross external debt, which includes both public and private sector liabilities, had surpassed $82 billion at the end of 2025. Out of that broader figure, $40.5 billion belonged directly to the government, while $41.7 billion was accumulated by commercial banks and private enterprises.