Uzbekistan’s external debt jumps 24.7% to $88 billion in 2025 – World Bank

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Uzbekistan’s external debt reached $88.03 billion at the end of 2025, increasing by 24.7% over the year, according to the World Bank’s International Debt Report 2026. Over the past decade, the country’s debt to foreign creditors has grown approximately 6.5 times, from $13.57 billion in 2015.

The pace of growth exceeded the average for neighboring countries and developing economies. External debt across Europe and Central Asia increased by 15.3% in 2025, while the rise among low- and middle-income countries was 5.5%.

Of Uzbekistan’s total external debt, $48.46 billion consists of public and publicly guaranteed obligations. Another $32.84 billion represents private-sector external borrowing without government guarantees. Short-term external debt accounted for $6.73 billion.

Who does Uzbekistan owe money to?

Multilateral financial institutions are the largest category of creditors to the Uzbek government, accounting for $22.82 billion of public and publicly guaranteed debt.

Of this amount, $8.36 billion is owed to the Asian Development Bank and $5.01 billion to the International Development Association (IDA), part of the World Bank Group. Other multilateral creditors account for a combined $9.45 billion.

Debt owed to foreign governments stands at $10.53 billion. China is Uzbekistan’s largest bilateral creditor, with $3.85 billion, followed by Japan with $2.99 billion. Other countries collectively account for approximately $3.7 billion.

Liabilities to private creditors total $15.11 billion, representing around 31% of the country's public and publicly guaranteed debt.

Bond issuance becomes a major source of borrowing

International bond markets have become one of Uzbekistan’s main sources of external financing.

In 2025, the country issued $3.9 billion in international bonds, more than any other country eligible for concessional financing from the International Development Association.

According to the report, the government issued $1.6 billion in bonds, including securities denominated in the national currency. Another $2.4 billion was raised by other public-sector entities. The two figures add up to $4 billion, exceeding the report's stated total issuance by $100 million.

The World Bank also highlighted the relatively high cost of Uzbekistan’s market-based borrowing. The yield on soum-denominated bonds maturing in 2028 reached 15.5%, partly reflecting inflation risks, according to the report. Dollar-denominated bonds were issued at a yield of 7.38%.