Uzbekistan’s external debt reached $88.03 billion at the end of 2025, marking a 24.7% increase over the year, according to the World Bank’s International Debt Report 2026.

Over the past decade, the country’s debt to foreign creditors has increased approximately 6.5-fold, from $13.57 billion in 2015, The Caspian Post reports, citing UzDaily.

Uzbekistan’s external debt grew faster than that of neighbouring countries and developing economies overall. In 2025, total external debt in Europe and Central Asia increased by 15.3%, while the growth rate among low- and middle-income countries stood at 5.5%.

Of Uzbekistan’s total external debt, $48.46 billion accounts for public debt and publicly guaranteed obligations. Another $32.84 billion consists of external loans taken out by private companies without government guarantees. Short-term debt amounted to $6.73 billion.

The largest portion of the country’s public and publicly guaranteed debt is owed to international financial institutions, totalling $22.82 billion. This includes $8.36 billion owed to the Asian Development Bank and $5.01 billion to the International Development Association, a member of the World Bank Group. Debt to other multilateral creditors stands at $9.45 billion.

Uzbekistan’s debt to foreign governments is estimated at $10.53 billion. Its largest bilateral creditors are China, with $3.85 billion, and Japan, with $2.99 billion. Other countries collectively account for approximately $3.7 billion.

Obligations to private creditors total $15.11 billion, representing around 31% of the country’s public and publicly guaranteed debt.

The international bond market has become one of Uzbekistan’s main sources of financing. In 2025, the country issued $3.9 billion in bonds, more than any other country eligible for concessional financing from the International Development Association.

According to the report, the government issued $1.6 billion in bonds, including securities denominated in the national currency. A further $2.4 billion was raised by other public-sector entities. However, these two figures add up to $4 billion, exceeding the reported total issuance of $3.9 billion by $100 million.

The World Bank also drew attention to the high cost of Uzbekistan’s market borrowing. The yield on soum-denominated bonds maturing in 2028 reached 15.5%. The report's authors said inflation risks partly account for this rate. Meanwhile, dollar-denominated bonds were issued at a yield of 7.38%.

Borrowing costs differ considerably depending on the source of financing. In 2025, official creditors, including foreign governments and international organisations, provided loans to Uzbekistan at an average interest rate of 3.4%, with a maturity of 21 years and a five-year grace period.

By comparison, private creditors offered financing at an average interest rate of 8.6% over a 10-year period, with the grace period extending throughout the loan term.

Uzbekistan’s external debt burden relative to economic output also increased. External debt reached 60% of gross national income and 227% of export earnings, with both indicators rising compared with the previous year.

At the same time, debt-service costs declined relative to economic indicators. In 2025, principal and interest payments accounted for 29% of export earnings and 8% of gross national income. Compared with 2024, these ratios decreased by 18.6% and 17.7%, respectively.

Across Europe and Central Asia, external debt-service payments in 2025 amounted to 25% of export earnings and 8% of gross national income. According to the World Bank, this was the highest debt-service-to-income ratio among the regions comprising low- and middle-income countries.