Uzbekistan’s public debt tops $40bn in 2024, borrowing cap exceeded

Uzbekistan’s public debt tops $40bn in 2024, borrowing cap exceeded

Uzbekistan’s public debt. / bne IntelliNews

By Mokhi Sultanova in Tashkent February 27, 2025

Uzbekistan’s public debt topped $40.2bn in 2024, equivalent to 35% of GDP. The legally mandated borrowing cap was exceeded, according to the Ministry of Economy and Finance.

The external debt of Central Asia's second largest economy stands at $33.7bn, making up 84% of total debt.

Fixed-rate loans account for $17.9bn, while $15.64bn is at variable rates.

The ministry did not disclose further details.

Uzbekistan's domestic debt, meanwhile, increased from $5.9bn to nearly $6.5bn.

Fixed-rate loans make up $5.1bn, while $1.2bn was borrowed interest-free.

The country’s public debt has risen steadily, from $17.8bn in 2019 to $34.9bn in 2023 to $40.2bn in 2024.

In 2024, external borrowing surpassed the $5bn limit, reaching $7.3bn.

Looking ahead, Uzbekistan has set a $5.5bn external borrowing cap for 2025, with public debt projected to reach $45bn, or 36.7% of GDP, by year-end.

#Uzbekistan #Borrowing #dcm #bneCHART

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