According to a report by the Central Bank of Uzbekistan, the country's total external debt reached $82.2 billion by the end of 2025, an increase of $18.1 billion over the year.

Government debt stood at $40.5 billion (up $6.6 billion), while corporate external debt amounted to $41.7 billion (up $11.5 billion). The ratio of total external debt to GDP was 55.8%.

In the structure of corporate external debt, the balance of funds attracted from foreign direct investors was $6.5 billion, and the balance from international bond placements was $7.3 billion. The remainder consisted of loans and borrowings by the private sector without government guarantees.

2025 recorded the highest annual increase in external debt in Uzbekistan's history at $18.1 billion. Previous peaks were in 2020 ($9.2 billion), 2023 ($9.8 billion), and 2024 ($10.8 billion). Government debt growth was relatively moderate at $6.6 billion, while corporate debt surged 3.3 times from $12.5 billion to $41.7 billion.

The current account deficit was 3.9% of GDP ($5.8 billion), down 0.8 percentage points from 2024. The trade deficit in goods and services was $19.9 billion. A surplus in current transfers ($13.7 billion) and net primary income receipts ($371.4 million) partially offset the trade deficit.

Total exports grew 23% to $32.3 billion (non-gold exports $22.5 billion, up 20%), while imports rose 20% to $52.2 billion. Net foreign direct investment inflows increased 1.5 times to $4.4 billion, and net portfolio investment inflows rose 40% to $4.4 billion, mainly due to international bond operations.

Source: kun.uz