Uzbekistan's External Debt Tops $75 Billion in 2025

Uzbekistan’s gross external debt rose by $11.3 billion between January and September 2025, according to an analysis by the Central Bank of Uzbekistan.

As of October 1, 2025, the country’s total external debt reached $75.4 billion. Of this, $37.4 billion was public external debt, up from $33.7 billion at the start of the year. The remaining $38.0 billion was corporate debt, taken by private and state-owned enterprises, up from $30.2 billion in January, The Caspian Post reports, citing Uzbek media.

Over the course of the nine-month period, public debt rose by over 10 percent, while corporate debt surged by nearly 27 percent.

In January 2025, the outstanding external debt attracted by the government and enterprises from foreign states, international financial institutions, and investors totaled $64.1 billion. Over three quarters, this figure grew by $11.3 billion.

In its commentary, the Central Bank explained that corporate external borrowing from nonresidents includes loans and credits raised without state guarantees by the private sector, including entrepreneurs, to finance investment projects, replenish working capital, expand business operations, and for other purposes. It added that statements by the International Monetary Fund and international rating agencies recognize Uzbekistan’s external debt burden as moderate, noting that most of the borrowing has been secured on concessional terms.