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

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).