Uzbekistan's Minister of Investments, Industry, and Trade, Laziz Kudratov, addressed the country's growing external debt in an interview with the 'Expert' project. He emphasized that external borrowed funds are 'essentially free money,' playing a crucial role in rapidly developing infrastructure and improving living standards. The minister noted that relying solely on the state budget to build roads, schools, and hospitals would take decades, but external debt accelerates this process.

According to Laziz Kudratov, by the end of 2025, Uzbekistan's state external debt-to-GDP ratio stood at 27.1%, which he described as 'very low and moderate' by international standards. He stated that the government attracts investors under favorable terms with low interest rates, and projects are designed for periods ranging from 20 to 45 years. The minister highlighted that this has contributed to economic growth (GDP increased by 7.7% last year) and enhanced living conditions.

On control and transparency issues, the minister pointed out that all projects financed under state guarantees undergo strict scrutiny by parliament, the Audit Chamber, and the Prosecutor General's Office. Each project must be approved and monitored by deputies, ensuring 'public oversight.' Additionally, an annual limit of $2.5 billion has been set for attracting external funds.

Data shows that Uzbekistan's total external debt reached $75.4 billion in the first three quarters of 2025, increasing by $11.3 billion over nine months—the highest growth rate since 2013. The debt comprises state and private (mainly state-owned companies) debts, with corporate debt continuing to rise sharply in recent years. Economy Minister Jamshid Kuchkarov and Central Bank Chairman Timur Ishmetov have also emphasized that borrowed funds are directed toward infrastructure development, and their share in GDP is decreasing.

Source: www.gazeta.uz