As of October 1, 2025, Uzbekistan's total external debt reached $75.4 billion, an increase of $11.3 billion year-to-date, the Central Bank said in a report.
Reportedly, public external debt accounted for $37.4 billion of this figure. Corporate external debt topped $38 billion, meaning corporate borrowing surpassed public external debt.
The country's external debt consists of both public and private (corporate). A significant ratio of the "private" debt is accounted for by companies and banks with state participation—including UzAuto Motors, Uzbekneftgaz, the National Bank of Uzbekistan, Uzpromstroibank, and others, which previously issued multibillion-dollar bonds on international markets.
In Q3 of last year, total external debt increased by $3.2 billion, and by $15.2 billion over the past 12 months.
Public external debt increased by $0.6 billion in Q3 and by $4.9 billion year-on-year.
Corporate external debt, the bulk of which is held by state-owned banks and companies, increased by $2.6 billion in the third quarter and by $10.3 billion year-on-year.
According to economist Mirkomil Kholboev, from January to September, of the total gross external debt raised:
- 35% was owed by the government,
- 24% by the banking sector,
- 30% by the non-financial (other) sector.
Short-term borrowings accounted for 7.8% of gross external debt, with the remainder being long-term liabilities.
