Tashkent, Uzbekistan (UzDaily.com) -- At the beginning of 2024, Uzbekistan’s public debt amounted to US$34.9 billion, which is 38.4% of the gross domestic product (GDP). The Ministry of Finance of Uzbekistan reports this.

External debt amounted to US$29.6 billion (29.6% of GDP), and domestic debt reached US$5.3 billion (5.3% of GDP).

Of this amount, the debt raised on behalf of the government amounted to US$23.91 billion, and under the guarantee of Uzbekistan - US$5.72 billion.

Public debt to international organizations and investors was distributed as follows: World Bank - US$6.6 billion, Asian Development Bank - US$6.4 billion, issued bonds - US$3.4 billion, Japan International Cooperation Agency - US$2 billion, China Export-Import Bank - US$1.9 billion, China State Development Bank - US$1.4 billion, Asian Infrastructure Investment Bank - US$1.3 billion, Islamic Development Bank - US$0.9 billion and International Monetary Fund - US$0.8 billion.

According to the Ministry of Finance, 71.4% of Uzbekistan’s external debts are denominated in US dollars, 6.9% - in Uzbek soums, 6.2% - in Japanese yens, 6.7% - in SDRs, 4.1% - in euros, 1.9% in Chinese Yuan, 0.5% in Korean Won and 2.3% in Saudi Riyal and other currencies.

Uzbekistan’s domestic public debt increased from US$3.32 billion in 2022 to US$5.29 billion. The volume of government securities amounted to US$1.78 billion, and domestic debt guaranteed by the state - US$3.51 billion.

In 2023, Uzbekistan spent US$2.82 billion on servicing external debts, including US$1.69 billion on debt repayment and US$1.12 billion on interest payments on borrowed loans.

The Ministry of Finance notes an increase in debt payments due to an increase in interest rates on international bonds from 2.99% to 5.33%. Uzbekistan also repaid three-year international bonds worth US$2 billion issued in 2020.