Uzbekistan’s public debt rises by $2.2 billion in Q1 2025
As of April 1, 2025, Uzbekistan’s public debt reached $42.4 billion, according to the Ministry of Economy and Finance. Of this amount, $35.5 billion accounts for external debt, while $6.9 billion is domestic debt. Compared to the same period last year, the total public debt increased by $7.1 billion, marking a 20% rise.

Photo: Getty images
To be precise, as of April 1, 2025, Uzbekistan’s public debt stood at $42.431 billion. External debt made up $35.55 billion, and domestic debt accounted for $6.87 billion.
This figure represents a year-on-year increase of $7.082 billion. The debt-to-GDP ratio also rose by 1.8 percentage points – from 31.7% to 33.5%.
For comparison, as of April 1, 2024, public debt amounted to $35.349 billion. Over the span of one year, this figure grew by 20%.
How were the borrowed funds used?
According to the 2024 year-end data, 45% of the total external public debt ($15.291 billion) was allocated to budget support. Another 17% ($5.74 billion) was directed to the fuel and energy sector, 8% ($2.8 billion) to transport and transport infrastructure, and 9% ($2.9 billion) to agriculture and water management.
Who are Uzbekistan’s creditors?
As of January 1, 2025, the distribution of Uzbekistan’s external public debt by creditor is as follows:
- World Bank – $7.6 billion
- Asian Development Bank – $7.4 billion
- International investors (Eurobonds) – $4.1 billion
- Chinese financial institutions – $3.8 billion
- Japanese financial institutions – $2.9 billion
- Asian Infrastructure Investment Bank – $1.6 billion
- Islamic Development Bank – $944 million
- French financial institutions – $977 million
- Korean financial institutions – $740 million
- International Monetary Fund – $669 million
- German state bank – $415 million
- European Bank for Reconstruction and Development – $341 million
- Other financial institutions – $1.9 billion
Earlier reports indicated that by the end of 2024, Uzbekistan’s total external debt amounted to $64.1 billion. Of this, $30.2 billion was corporate external debt.
It is worth noting that the cap on external borrowing for 2025 is set at $5.5 billion. Of this, $3 billion will be used to finance the state budget deficit, while the remainder will go toward investment projects.
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