Uzbekistan plans to restrict external borrowing starting from 2026 and focus more on raising domestic debt. This was outlined in the Ministry of Economy and Finance's statement on the budget.
The plan aims to increase domestic borrowing through the development of a government securities market, issuance of long-term bonds, engaging investment funds, and attracting the private sector. Additionally, there are plans to introduce digital bonds for the public.
According to the ministry, from next year, a limit will be set on external borrowing, which is expected to not exceed $5 billion for loans taken from international financial institutions. These loans typically have low interest rates and favorable terms.
The funds are planned to be sourced from organizations such as the Asian Development Bank, Islamic Development Bank, and the European Bank for Reconstruction and Development. These funds will be directed toward projects in energy, water supply, education, healthcare, and transportation sectors.
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