Uzbekistan’s external debt more than doubled in 5 years

Uzbekistan’s total external debt reached $72.2 billion as of the end of the first half of 2025, an increase of $8.1 billion in six months, El.kz reports citing gazeta.uz.

The main growth came from the corporate sector (companies' debt). Compared to 2020, public debt rose by 72%, while private debt nearly tripled.

Uzbekistan’s total external debt reached $72.2 billion as of the end of the first half of 2025, increasing by $8.1 billion (+12.1%) in six months,

Of the total external debt, public debt amounted to $36.8 billion (compared to $35.8 billion in the first quarter), while corporate debt stood at $35.4 billion (up from $32.6 billion).

The Chairman of the National Bank of Kazakhstan, Timur Suleimenov, noted that the country’s external debt-to-GDP ratio now stands at 57–58%, whereas several years ago it exceeded 110–120%.

“We have grown as a country, while the debt has remained at the same level. This is a sign of healthy economic development,” he emphasized.

According to Suleimenov, most of Kazakhstan’s external debt is linked to the activities of international oil and gas corporations — Chevron, Shell, Eni, and ExxonMobil — which invest in the country through subsidiary entities registered in the Netherlands.