Uzbekistan’s public debt exceeded $48 billion in the first half of 2026, according to data from the Ministry of Economy and Finance.
As of July 1, 2026, public debt stood at $48.31 billion, up $4.82 billion, or 11%, compared with the same period in 2025. Since the beginning of the year, the figure has increased by $1.46 billion, or 3.1%.
The public debt-to-GDP ratio fell from 31.9% to 27% over the six-month period, but increased from 26.3% in the first quarter.
The majority of borrowings, or 84%, account for external debt, which reached $40.71 billion, up 11.4%. Its ratio to GDP increased to 22.8%. Domestic debt rose by 9.2%, or $642 million, to $7.6 billion, equivalent to 4.2% of GDP.
More than half of the government’s external debt, $20.53 billion, was used to support the state budget. In addition, $5.47 billion (13%) was allocated to the fuel and energy sector, $3.72 billion (9%) to healthcare, education and IT, $3.37 billion (8%) to housing and utilities, $3.34 billion (8%) to agriculture and water management, and $3.06 billion (8%) to transport and transport infrastructure.
External debt by creditor
International financial institutions account for the largest share of external debt, at $22.48 billion, or 55% of the total:
- World Bank — $9.12 billion (22% of external debt);
- Asian Development Bank — $8.17 billion (20%);
- Asian Infrastructure Investment Bank — $2.32 billion (6%);
- Islamic Development Bank — $1.2 billion (3%);
- International Monetary Fund — $608 million (1%);
- European Bank for Reconstruction and Development — $478 million (1%);
- Other international financial institutions — $580 million (1%).
Financial institutions of foreign governments account for 28% of sovereign obligations, or $11.45 billion:
- China — $3.88 billion (10%);
- Japan — $3.09 billion (8%);
- France — $1.3 billion (3%);
- South Korea — $693 million (2%);
- Germany — $725 million (2%).
In January-June, investors accounted for 17% of Uzbekistan’s external public debt, or $6.77 billion.
In addition, 67.4% of external debt ($27.44 billion) was raised in US dollars. Another 9.6%, or $3.89 billion, was denominated in euros, while 6.8%, or $2.75 billion, was denominated in Japanese yen.
Around two-thirds of domestic debt, $5 billion, was raised in Uzbek soums, while another third, or $2.38 billion, was raised in US dollars.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
