Uzbekistan’s State Debt Reaches US$47 Billion

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s state debt reached US$46.985 billion, equivalent to 26.6% of gross domestic product, by the end of the first quarter of 2026, according to official statistics from the Ministry of Economy and Finance of Uzbekistan.

The structure of the state debt shows the predominance of external borrowing. Uzbekistan’s external debt amounted to US$39.776 billion, accounting for 85% of total state debt. The ratio of external debt to GDP reached 22.5%.

Uzbekistan’s domestic debt stood at US$7.209 billion, representing 15% of total state debt and 4.1% of GDP. The ratio between external and domestic borrowing reflects a significant reliance on external sources of financing for budgetary needs.

By interest rate structure, the external debt was distributed as follows. Liabilities with fixed interest rates amounted to US$20.783 billion, or 44% of total state debt. Borrowings with floating interest rates reached US$18.713 billion, equivalent to 40%. Interest-free loans were recorded at a minimum level of US$280 million, or 1% of total debt.

The currency composition of external debt shows an overwhelming predominance of foreign currency liabilities. Debt denominated in foreign currencies totaled US$38.690 billion, or 82% of total state debt. Obligations denominated in the national currency stood at US$1.085 billion, equivalent to just 2%.

The maturity structure of external debt is characterized by the predominance of long-term obligations. Long-term debt repayable in more than one year amounted to US$39.224 billion, or 83% of total debt. Long-term debt due for full repayment within one year was recorded at US$552 million, or 1%. No short-term external liabilities were reported.

The structure of domestic debt by interest rate conditions shows a different distribution. Liabilities with fixed interest rates reached US$5.769 billion, or 12% of total state debt. Borrowings with floating interest rates amounted to a minimal US$61 million. Interest-free domestic borrowings stood at US$1.379 billion, or 3%.

By currency composition, domestic debt was distributed more evenly. Obligations denominated in the national currency amounted to US$4.621 billion, or 10% of total state debt. Domestic debt denominated in foreign currencies reached US$2.588 billion, or 6%.

The maturity structure of domestic debt also shows a significant share of long-term obligations. Long-term debt repayable in more than one year amounted to US$5.118 billion, or 11% of total state debt. Long-term debt due for full repayment within one year stood at US$1.290 billion, or 3%. Short-term domestic liabilities reached US$801 million, or 2% of total state debt.