Uzbekistan State Debt Structure: Creditors, Sectors, and Currencies

Tashkent, Uzbekistan (UzDaily.com) — International financial institutions and budget support form the core of Uzbekistan’s state debt structure, according to official statistics from the Ministry of Economy and Finance of Uzbekistan.

The total state debt of Uzbekistan amounted to 46.985 billion US dollars as of the first quarter of 2026.

Of this amount, external debt accounted for 39.776 billion US dollars, or 85 percent of total debt, while domestic debt stood at 7.209 billion US dollars, or 15 percent.

## Structure of Creditors

International financial institutions remain the largest category of creditors, accounting for 22.363 billion US dollars, or about 56 percent of total external debt.

Within this group, the World Bank has overtaken the Asian Development Bank in terms of loan portfolio size. Obligations to the World Bank amounted to 9.042 billion US dollars (around 23 percent of external debt), while debt to the Asian Development Bank stood at 8.282 billion US dollars (around 21 percent).

The Asian Infrastructure Investment Bank increased its portfolio to 2.285 billion US dollars (6 percent). It is followed by the Islamic Development Bank at 1.115 billion US dollars (3 percent), the International Monetary Fund at 622 million US dollars (2 percent), and the European Bank for Reconstruction and Development at 449 million US dollars (1 percent).

The second group consists of bilateral creditors in the form of foreign state financial organizations, totaling 11.613 billion US dollars, or about 29 percent of external debt.

Among them, China ranks first with a portfolio of 3.904 billion US dollars (10 percent), followed by Japan with 3.102 billion US dollars (8 percent), France with 1.318 billion US dollars (3 percent), Germany with 730 million US dollars (2 percent), and South Korea with 738 million US dollars (2 percent).

Holders of international bonds — investors in the eurobond market — account for 5.800 billion US dollars, representing nearly 15 percent of external debt.

## Sectoral Structure

In terms of economic sectors, the largest share of external borrowing is allocated to budget support, totaling 19.699 billion US dollars, or about 49.5 percent of total external debt. This reflects funds raised directly for state budget financing without allocation to specific projects.

The second largest sector is the fuel and energy complex with 5.638 billion US dollars, or about 14 percent.

Other major sectors include healthcare, education, and information and communication technologies at 3.583 billion US dollars; agriculture and water management at 3.338 billion US dollars; utilities infrastructure at 3.243 billion US dollars; and the transport sector at 3.045 billion US dollars. Each accounts for between 7.7 and 9 percent of the portfolio. Chemical industry and entrepreneurship support together account for about 3 percent.

## Currency Structure

In terms of currency composition, US dollar-denominated obligations remain dominant. As of the first quarter of 2026, debt denominated in US dollars amounted to 27.473 billion US dollars, or 58 percent of total state debt.

Of this amount, 2.315 billion US dollars relates to domestic debt denominated in US currency.

The second largest currency exposure is the euro at 3.940 billion US dollars, or 8 percent of total debt.

Debt denominated in Japanese yen stands at 2.781 billion US dollars, while Special Drawing Rights (SDR) of the IMF account for 2.053 billion US dollars.

Obligations in the national currency — the Uzbek soum — are composed of two components: 1.085 billion US dollars in external debt and 4.621 billion US dollars in domestic debt, totaling 5.706 billion US dollars, or about 12 percent of total state debt.

Obligations in Chinese yuan reached 1.391 billion US dollars in external debt and an additional 215 million US dollars in domestic debt.

Debt in Saudi riyals and other currencies totaled 725 million US dollars, while South Korean won-denominated obligations amounted to 327 million US dollars.