Uzbekistan's national debt exceeds $40 billion

Out of the total national debt, $33.7 billion (84%) was external debt, with $17.9 billion raised at a fixed interest rate, while the remaining $15.64 billion was raised at variable interest rates. However, the composition of the debt has not been detailed, and the specific interest rates on the loans have not been disclosed.

The internal debt stood at nearly $6.5 billion (compared to $5.9 billion at the beginning of the year). Of this, $5.1 billion was raised at a fixed interest rate, and $1.2 billion was obtained without interest.

Over the last five years, the amounts of the national debt have changed as follows:

•  2019: $17.8 billion
•  2020: $23.4 billion
•  2021: $26.3 billion
•  2022: $29.2 billion
•  2023: $34.9 billion

According to Behruz Karimov, Deputy Director of the State Debt Department at the Ministry of Economy and Finance, the announced debts represent the remaining balances of the funds allocated.

“If a loan agreement for $100 million is signed this year, the total debt statistics will not immediately include that amount. For example, the funds may be allocated over five years, and only the portion used each year will be recorded,” the expert said.

Ministry experts also noted that the significant depreciation of the Japanese yen recently reduced Uzbekistan's external debt by $250 million.

For reference, the legal annual limit for raising external debt in 2024 was $5 billion. However, by the end of the year, this amount reached $7.3 billion, meaning the law was not followed. In 2025, an additional $5.5 billion of external debt is planned. According to forecasts, the national debt could reach $45.1 billion (36.7% of GDP) by the end of 2025.