Uzbekistan's public debt forecasted to hit $45.1 billion by the end of 2025

Uzbekistan's public debt is expected to rise to $45.1 billion by the end of 2025, according to projections outlined in the "Budget for Citizens" report, jointly prepared by the Ministry of Economy and Finance and the United Nations Development Programme (UNDP).

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The debt stood at $34.9 billion in 2023 and is anticipated to grow to $39.7 billion by the end of this year. Projections for 2024 estimate public external debt at $33.9 billion, accounting for 30.3% of GDP. By 2025, this figure is forecasted to climb to $39.4 billion, or 32.1% of GDP.

To manage fiscal needs, the external borrowing limit for 2023 was set at $5 billion. This threshold will rise to $5.5 billion in 2025, with $3 billion allocated for budgetary support and $2.5 billion earmarked for financing investment projects.

Uzbekistan's fiscal policy aligns with the Law on Public Debt, which caps public debt at no more than 60% of GDP.

As of January 1 this year, the largest portions of Uzbekistan’s debt were owed to the World Bank ($6.6 billion), the Asian Development Bank ($6.4 billion), and international investors ($3.4 billion).