As of the end of 2024, Uzbekistan’s national debt has reached nearly $40.2 billion, accounting for 35% of the country’s gross domestic product. This information comes from a report by the Ministry of Economy and Finance of the republic.
According to the ministry, external debt accounts for $33.7 billion, while domestic debt stands at approximately $6.5 billion.
Most of the external debt is denominated in foreign currency, and nearly all of it consists of long-term borrowings—only $96 million is due for repayment within a year.
The report also indicates that around $18 billion of the national debt consists of loans with fixed interest rates, $15.6 billion is subject to variable interest rates, and just $138 million is interest-free.
At the end of 2023, Uzbekistan’s national debt stood at $34.9 billion, meaning that within a year, it has increased by more than $5 billion.
Independent economist Yuliy Yusupov, commenting on the Ministry of Finance’s statistics in his public Telegram channel, highlighted the growing debt dependence as a troubling factor. However, he noted that the real issue is not just the size of the debt or the cost of servicing it, but how the borrowed funds are being allocated and what returns they generate.
The primary cause of the situation, according to Yusupov, is the expanding power of state bureaucracy over the economy, which remains non-market-driven, as key decisions are made by officials rather than private entities. He also pointed to rising government expenditures, which, by his estimates, exceed 40% of GDP—an “absolutely insane figure for a poor economy.”
“What’s even more alarming is that there are absolutely no signs that officials plan to slow down, reduce state spending and the bureaucracy, or radically change their approach to economic regulation. And that is a catastrophe,” Yusupov concluded.
