Uzbekistan sets $5.5 billion cap on external borrowing for 2025

Uzbekistan plans to limit new external debt agreements to $5.5 billion in 2025, as outlined in the draft State Budget law released by the Ministry of Economy and Finance.

Of this amount, $3 billion is designated for supporting the state budget, including funding the budget deficit, while $2.5 billion will finance investment projects.

The draft law also specifies a cap on government-issued securities at 30 trillion UZS. Additionally, any new projects signed under public-private partnership principles that require government guarantees or commitments will be limited to $6.5 billion.

As of July 1, 2024, Uzbekistan’s national debt had surpassed $37 billion, marking an increase of $2.1 billion within the first half of the year. The bulk of this debt has been directed toward budgetary support.

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