Recently, reports have appeared across various platforms regarding Uzbekistan’s total external debt, which amounted to $75.4 billion following the results of the first nine months of 2025. Naturally, this may raise questions among individuals who do not monitor on a daily basis how such indicators are formed and for what purposes the attracted funds are directed.

It is important to note: the topic of investments and external financing always generates interest and inquiries. This is normal—society wants to understand where resources come from and what results the country obtains.

The key principle here is simple: the goal of attracting investments and resources is to raise the standard of living of the population. This is not about “beautiful reports” or “impressive figures,” but about concrete improvements felt in everyday life: jobs and family incomes, infrastructure, access to clean water, energy, transport, and quality social services.

The economic logic is also clear: for the economy to grow faster, resources are needed—capital, technologies, equipment, and new markets. If a country ceases to attract resources, growth slows down: fewer jobs are created, and it becomes more difficult to upgrade roads and social infrastructure, expand water supply, and ensure affordable energy.

Therefore, Uzbekistan is consistently working on attracting investments to accelerate economic development, GDP growth, and, ultimately, to improve the quality and life expectancy of the people. It is significant that since 2020, life expectancy has shown steady growth—from 73.4 years to 75.1 years in 2024.

At the same time, it is not slogans that matter to people, but measurable results—changes that can be seen and evaluated.

Regarding the structure of the indicator: As of October 1, 2025, Uzbekistan’s total external debt stood at $75.4 billion. Of this amount, $37.4 billion accounts for public external debt. The remaining $38 billion represents borrowings by private and state-owned enterprises without a state guarantee (corporate debt).

It is separately important to emphasize that, according to international classification, the level of Uzbekistan’s public debt is considered moderate and manageable. Public external debt in the amount of $37.6 billion is equivalent to approximately 26% of GDP. This is significantly lower than the indicative thresholds considered in global practice as potentially risky for macroeconomic stability.

What has been accomplished through state borrowings (2017–2025):

• 1,564 km of automobile roads have been reconstructed;

• 470 km of railway lines have been electrified;

• 6,793 km of drinking water supply networks and 664 km of sewage networks have been built;

• 96 km of heating mains, 1,286 individual heating substations, 166 water distribution facilities, and 31 sewage pumping stations have been constructed;

• 2,737 MW of additional electrical capacities have been created, and 1,106 km of high-voltage power transmission lines have been laid;

• Additional generation capacity of 2,084 MW has been commissioned, ensuring the production of 16,423 million kWh of electricity and 551.8 thousand Gcal of thermal energy.

Modernization of transport and urban services:

• Acquired 4 Boeing 787-8 aircraft;

• 2 Talgo-250 high-speed passenger trains;

• 30 electric locomotives;

• For the subway system (Metro) — 70 wagons and 29 train sets;

• 1,900 buses;

• 1,000 ambulances;

• 541 units of equipment for solid waste collection;

• 13 thermal boilers.

Education and the social sphere:

• 119 educational and research laboratories have been established in 60 higher education institutions;

• 6,213 state pre-school educational organizations have been equipped with furniture, educational materials, and office equipment.

Agriculture and water management:

• 1,593.1 km of canals have been restored;

• 3,396 hydro-technical structures have been modernized;

• 423 vertical wells have been constructed;

• Modern greenhouses covering 2.2 thousand hectares and intensive orchards covering 12.6 thousand hectares have been established;

• Refrigerated warehouses with a capacity of 334.9 thousand tons have been built;

• Processing enterprises with a capacity of 258.2 thousand tons have been launched;

• Farms have been established for 12.3 million heads in poultry farming, 5,752 heads in sheep farming, and 26.3 thousand heads in livestock farming.

These data refer to borrowings that have already been utilized. A significant part of the infrastructure and social sphere modernization projects is ongoing and will yield further effects as the work is completed.

Overall, following the complex of measures implemented in the period 2017–2025, more than 2 million jobs have been created, exports have grown by 270%, and GDP per capita has increased by 418%.

However, something else is fundamentally important: resources can only be attracted under strict rules, transparency, and control. In his address, the President specifically emphasized that Members of Parliament will accompany the entire project cycle—from selection and tenders to implementation and results. Project statuses, their stages, and phases will be published in real-time so that it is clear how competitions and tenders are conducted and how obligations are fulfilled.

Uzbekistan’s approach to investment is extremely clear: the country needs resources for growth—and simultaneously requires full control, transparency, and a measurable result for the population. This is exactly how the work is being structured—openly, phase-by-phase, and with clear accountability.

Source: Ministry of Investments, Industry and Trade of the Republic of Uzbekistan