By the end of 2025, the total foreign debt of Uzbekistan reached 82.2 billion dollars. In this case, the external debt of the state amounted to 40.5 billion dollars (+6.6 billion), and the external debt of the private sector and state companies equaled 41.7 billion dollars (+11.5 billion). Over the past year, the debt has increased by $18.1 billion, a record increase. The share of the total foreign debt to GDP is 55.8 percent.
By the end of 2025, the total foreign debt of Uzbekistan reached 82.2 billion dollars. This is in the report of the Central Bank given.
The total foreign debt increased by 18.1 billion dollars in one year. 40.5 billion dollars of foreign debts are state debt, 41.7 billion dollars are corporate foreign debts.
“As part of corporate external debt, the balance of debt funds raised from foreign investors who made direct investments amounted to 6.5 billion dollars, and the balance of funds raised through the placement of international bonds amounted to 7.3 billion dollars. The remaining part was formed at the expense of loans and debts raised by the private sector, including economic entities and banks, for financing investment projects, replenishing working capital and expanding business activities without state guarantees,” says the MB review.
How is the amount of foreign debt changing?
In 2025, the highest increase in foreign debt in the history of Uzbekistan was recorded – 18.1 billion dollars. Since the beginning of statistical data, the highest growth of external debt was observed in 2020 ($9.2 billion), 2023 ($9.8 billion) and 2024 ($10.8 billion) during the pandemic. The introduction of regulatory mechanisms by law moderated the increase in the state’s external debt. For example, the growth of the state’s external debt was 5.5 billion in 2020, 2.3 billion in 2021, 2.1 billion in 2022, 3.9 billion in 2023, 4.2 billion in 2024, and 6.6 billion in 2025. During this period, the total increase was about 90 percent. There is a sharp increase in the amount of corporate debt. In particular, in the period from 2020 to 2025, this indicator increased by 3.3 times, or from 12.5 billion dollars to 41.7 billion dollars.
Current account
In 2025, the current account deficit will be 3.9% ($5.8 billion) of GDP, decreasing by 0.8% compared to 4.7% ($5.7 billion) in 2024. During the reporting period, export growth was observed at a higher rate than import, but due to the fact that the volume of import was greater than export, the balance of trade in goods and services was negative and amounted to 19.9 billion dollars.
As a result of a significant increase in the net volume of current transfers on secondary incomes, this component was formed with a positive balance in the amount of $13.7 billion, and together with net receipts on primary incomes ($371.4 million), partially covered the negative balance in the trade balance.
In 2025, due to the high level of raw material prices in the international markets, as well as the increase in external demand for exportable products and the expansion of the scope of services provided to non-residents, the total export volume will increase by 23% compared to 2024, reaching $32.3 billion (exports without gold – $22.5 billion, an increase of 20%).
“According to the analysis of the prices of the main export raw materials in the world market, during 2025, the price of gold has increased by 63% compared to the beginning of the year, the price of silver has increased by 2 times, the price of copper has increased by 32%, and the price of uranium has increased by 5%. At the same time, the world price of cotton, which is considered the main raw material of the textile industry, has decreased by 7%,” said the city of MB.
In 2025, the total import volume will increase by 20% compared to 2024 and reach 52.2 billion dollars. This is explained by the continued import of machinery and equipment, chemical and mineral products, as well as household and food goods and other raw materials, in the conditions of high investment activity and domestic consumption demand in the country. Also, the highest volume of imports corresponded to the IV quarter of last year and amounted to 15.3 billion dollars.
According to the information of the Central Bank, in 2025, the net inflow of foreign direct investments to Uzbekistan increased by 1.5 times compared to the corresponding period of the previous year and amounted to 4.4 billion dollars.
The net attraction of portfolio investments increased by 40% compared to the same period of last year and was equal to 4.4 billion dollars mainly due to operations related to international bonds.
