Uzbekistan’s total external debt reached $72.2 billion as of July 1, according to official data.
Of this, $36.8 billion was public external debt, while $35.4 billion was corporate external debt, The Caspian Post reports, citing Uzbek media.
The overall debt stock has grown by $8.1 billion since the beginning of the year. Meanwhile, the current account deficit narrowed to $156.3 million.
At the end of the first half of 2025, Uzbekistan’s total external debt stood at $72.2 billion. Public external debt accounted for $36.8 billion, while corporate external debt amounted to $35.4 billion, according to the Central Bank’s report. Since the start of the year, public external debt has increased by $2.7 billion, while corporate external debt rose by $5.2 billion.
For reference: corporate external debt includes borrowings attracted by the private sector and state-owned enterprises without a government guarantee.
Despite rising global uncertainties and intensifying trade policies, Uzbekistan’s external sector moved closer to balance in the first half of 2025. This was driven by higher global prices for traditional export goods as well as positive trends in labor migration and tourism.
The current account posted a deficit of $156.3 million - a sharp improvement from nearly $2.9 billion in the first half of 2024. This was largely due to a significant reduction in the trade deficit and an increase in remittances flowing into Uzbekistan.
As exports grew at a faster pace than imports, the trade deficit narrowed by 20 percent year-on-year to $6.4 billion. Total exports rose by 29 percent to $16.6 billion, while total imports increased by 10 percent to nearly $23 billion.
The growth in remittances contributed to positive balances in both primary and secondary income accounts, amounting to $850 million and $5.4 billion respectively.
The current account deficit was financed through inflows of foreign direct, portfolio, and other investments. Net inflows of foreign direct investment rose by 42 percent compared with the same period of 2024, reaching $1.6 billion. Portfolio investment inflows, mainly related to international bond operations, totaled $3.1 billion. As a result of these dynamics, the financial account posted a deficit of $895.9 million at the end of the reporting period.
Due to these transactions and other non-operational changes reflected in the balance of payments, Uzbekistan’s net international investment position strengthened by 23 percent compared with the beginning of the year, reaching $16.9 billion as of July 1, 2025.
During this period, residents’ foreign currency assets increased by $12.1 billion (13 percent), while external liabilities grew by $8.9 billion (11 percent).
