Updated figures regarding Uzbekistan's external debt have been released, drawing significant public interest. According to the Central Bank of Uzbekistan, the country's total external debt increased by nearly 18 billion US dollars during 2025, reaching 82.2 billion US dollars.
As of January 1, 2026, the state external debt was recorded at 40.5 billion US dollars. At the same time, its ratio to the gross domestic product (GDP) maintained a downward trend, standing at 27.5 percent. Experts emphasize that it is significant that these debts were primarily attracted on long-term and concessional terms.
The corporate sector is also actively utilizing external financial sources. Specifically, the volume of external debt attracted by enterprises and banks has reached 41.7 billion US dollars, which accounts for 28.4 percent of GDP. It is noted that the majority of these funds—more than 90 percent—were obtained on long-term terms.
Furthermore, within the structure of corporate external debt, funds attracted from foreign investors amounted to 6.5 billion US dollars, while resources raised through international bonds totaled 7.3 billion US dollars. The remaining portion was attracted by the private sector for the implementation of investment projects and business development.
According to assessments by the International Monetary Fund and international rating agencies, Uzbekistan's external debt burden currently remains at a moderate level. In particular, it is noted that the state has no direct obligations regarding corporate debt, as the responsibility for repayment lies with the enterprises and banks themselves.
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