Uzbekistan’s total external debt has climbed to $68.4bn in the first quarter of 2025, according to the latest data from the Central Bank. The figure reflects a sharp increase of $14.9bn over the past year, driven by growing government and corporate borrowing.
As of the end of March 2025, government external debt stood at $35.8bn, while corporate external debt — largely comprising obligations of state-owned enterprises and banks — reached $32.6bn.
Between January and March, the country’s total external debt rose by $4.3bn. Of that amount, $1.9bn came from new government borrowing, while corporate debt expanded by $2.4bn. This increase follows a $3.9bn rise in the fourth quarter of 2024.
The Central Bank report attributes much of the corporate debt to state-linked entities, underscoring the role of public-sector enterprises in the country’s external liabilities.
At the end of 2024, Uzbekistan’s external debt was reported at $64.1bn. Since then, mounting fiscal and investment pressures have led to a continued uptick in foreign borrowing by both the government and the corporate sector.
The International Monetary Fund (IMF) and international rating agencies continue to assess Uzbekistan’s external debt burden as moderate, noting that the majority of loans have been secured on concessional terms.
