Public debt, Structure of Borrowing and Creditors of Uzbekistan in 2024

According to data from the Ministry of Economy and Finance of the Republic of Uzbekistan, as of the end of 2024, the total public debt amounted to $40.199 billion, increasing by $5.270 billion (+15.090%) over the year.

The majority of borrowing came from external debt, which increased by $4.080 billion (+13.770%) and reached $33.720 billion, accounting for 84% of total debt. Domestic debt grew by $1.190 billion (+22.520%) and amounted to $6.470 billion (16%).

The public debt-to-GDP ratio also changed, rising from 34.400% to 35.000%.

International Financial Institutions (IFIs) – $19.141 billion (57% of external debt)

World Bank (WB) — $7.639 billion (23% of external debt)
Asian Development Bank (ADB) — $7.415 billion (22%)
Asian Infrastructure Investment Bank (AIIB) — $1.652 billion (5%)
Islamic Development Bank (IDB) — $0.944 billion (3%)
International Monetary Fund (IMF) — $0.669 billion (2%)
European Bank for Reconstruction and Development (EBRD) — $0.341 billion (1%)
Agricultural Development Fund — $0.230 billion (0.6%)
OPEC Fund — $0.159 billion (0.4%)
European Investment Bank (EIB) — $0.092 billion (0.2%)

Financial Institutions of Foreign Governments – $10.444 billion (31% of external debt)

China (Eximbank, China Development Bank, and others) — $3.767 billion (11%)
Japan (Japan International Cooperation Agency and others) — $2.889 billion (9%)
France (French Development Agency) — $0.977 billion (3%)
South Korea (Eximbank, Economic Development and Cooperation Fund, and others) — $0.740 billion (2%)
State Bank of Germany — $0.415 billion (1%)
Spain (Spanish State Bank) — $0.066 billion (0.2%)
Saudi Arabia (Saudi Fund for Development) — $0.139 billion (0.4%)
Other foreign government financial institutions — $1.450 billion (4%)

Investors (International Bonds) – $4.135 billion (12% of external debt)

Total volume of international bonds — $4.135 billion

Domestic Debt – $6.470 billion (16% of total debt)

As of the end of 2024, domestic debt amounted to $6.470 billion, increasing by $1.190 billion (+22.520%).

Main sources of domestic debt:

Bonds in Uzbek soums — $3.080 billion (47.5% of domestic debt)
Bonds in US dollars — $3.120 billion (48.2%)

Currency Structure of Public Debt

The largest share of public debt is denominated in US dollars, although its share decreased compared to the previous period.

US dollars (USD) — $24.100 billion (60.00% of total debt)
Japanese yen (JPY) — $2.599 billion (6.47%)
Special Drawing Rights (SDR) — $2.105 billion (5.24%)
Euro (EUR) — $2.555 billion (6.36%)
Uzbek soum (UZS) — $3.080 billion (7.67%)
Chinese yuan (CNY) — $1.570 billion (3.91%)
South Korean won (KRW) — $1.120 billion (2.79%)
Kuwaiti dinar (KWD) — $0.510 billion (1.27%)
Saudi riyal (SAR) — $0.139 billion (0.35%)
Swiss franc (CHF) — $0.060 billion (0.15%)

The volume of borrowing in euros increased by 83.000%, reaching $2.555 billion compared to $1.390 billion the previous year.

Issuance of Eurobonds

In 2024, Uzbekistan issued a record volume of Eurobonds worth $4.0 billion. Of this amount, $1.5 billion was raised directly by the government.

Bonds in US dollars — $0.6 billion (7-year term)
Bonds in euros — €0.6 billion
Bonds in soums — 3.0 trillion soums (3-year term)

Conclusions

In 2024, public debt increased by $5.270 billion (+15.090%), reaching $40.199 billion.
The public debt-to-GDP ratio rose from 34.4% to 35.0%.
Most borrowing comes from external debt — $33.720 billion (84% of total debt).
International financial institutions remain the largest creditors — $19.141 billion (57% of external debt).
Foreign government financial organizations provided $10.444 billion (31% of external debt).
International bonds account for $4.135 billion (12%) of external debt.
Domestic debt reached $6.470 billion (+22.520%), with the majority denominated in Uzbek soums and US dollars.
The volume of borrowing in euros increased by 83.0%, raising its share in the overall debt structure.
In 2024, a record volume of Eurobonds worth $4.0 billion was issued, with $1.500 billion raised by the government.

These figures highlight Uzbekistan’s active strategy of external and domestic borrowing, as well as gradual shifts in the currency structure of public debt.