Uzbekistan's public debt expands by $2.3bn in 1H23

By Muzaffar Ismailov in Tashkent November 9, 2023

Uzbekistan’s public debt jumped by $2.3bn to $31.5bn in 1H23, according to a report from the ministry of economy and finance.

The entire increase was accounted for by the state's domestic debt, which grew to $5.6bn. The external debt remained unchanged at $25.9bn.

In relation to the volume of GDP, the public debt increased slightly to 36.8%, far from the 60% limit recommended by the IMF.

The ministry forecast that in 2024-2026 the national debt would remain below 37% of GDP.

The largest lender was the Asian Development Bank (ADB) with $6.2bn. Next were the World Bank ($5.6bn), the Chinese State Development Bank ($3.8bn) and the Japan International Cooperation Agency ($2.1bn).

Central Asia's second-largest economy owes South Korea and the Islamic Development Bank $0.9bn each.

Of the external debt, most of the funds were channelled to support the state budget ($8.76bn, or 34%). This was followed by the fuel and energy sector ($5.35bn, or 21%), agriculture ($2.68bn, or 10%), transport ($2.67bn, or 10%) and housing and communal services ($2.35bn, or 9%).

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