By the end of 2025, Uzbekistan’s public debt increased by more than $6.6 billion, according to data from the Ministry of Economy and Finance reviewed by Spot.
As of January 1, the national debt amounted to $46.85 billion. Over the past year, the volume of sovereign liabilities increased by $6.64 billion (a 16% increase). The ratio of national debt to gross domestic product (GDP), which exceeded $147 billion, reached 31.9%.
The bulk of borrowing-approximately 85%-is external debt. Its size increased by $6.09 billion (+18.07%) from January to December, reaching $39.82 billion. Domestic debt increased by $541 million over the year, reaching $7.03 billion (+8.4%).
The lion’s share of external debt is denominated in dollars-$27.49 billion, accounting for 59% of all borrowings. The euro (9%) and the Japanese yen (6%) come in second and third. The national currency accounted for 2%, or just over $1 billion.
Domestic debt is primarily denominated in Uzbek soums ($4.63 billion) and dollars ($2.13 billion). Throughout 2025, borrowings in national currency have consistently increased, while those in dollars have gradually decreased.
The majority of borrowed funds were used to support the budget-$19.83 billion (50% of the external debt). The fuel and energy industry ranked second with $5.6 billion (14%): electric power ($4.1 billion, 10%), oil and gas ($1.36 billion, 3%), and the coal industry ($128 million, 0%). The top five sectors included agriculture and water management ($3.38 billion, 8%), housing and utilities ($3.18 billion, 8%), and transportation ($3.06 billion, 8%).
Among creditors in the structure of external debt, international financial institutions lead the way — $22.31 billion or 56% of all borrowings:
- World Bank (WB) — $8.94 billion (22% of external debt);
- Asian Development Bank (ADB) — $8.35 billion (21%);
- Asian Infrastructure Investment Bank (AIIB) — $2.28 billion (6%);
- Islamic Development Bank (IDB) — $1.06 billion (3%);
- International Monetary Fund — $628 million (2%).
Foreign government financial institutions account for 29% of sovereign liabilities-$11.6 billion:
- China (Exim Bank, China Development Bank and others) — $3.91 billion (10%);
- Japan (Japan International Cooperation Agency and others) — $2.98 billion (8%);
- France (French Development Agency) — $1.34 billion (3%);
- Germany — $739 million (2%);
- South Korea (Eximbank, Economic Development and Cooperation Fund and others) — $722 million (2%).
Furthermore, 15% of foreign debt is held by investors. Over the past year, the volume of international bonds increased by $1.71 billion to $5.84 billion .
Spot previously reported that Uzbekistan’s external debt exceeded $75 billion, and the corporate sector overtook the state.
