Uzbekistan's external debt per capita is about $2.4 thousand, according to the World Bank

According to the World Bank's International Debt Report 2026, Uzbekistan's public and state-guaranteed external debt reached $48.46 billion by the end of 2025, which is more than the $46.41 billion held by Kazakhstan. Nevertheless, Kazakhstan remains the largest borrower in the region in terms of total external debt, amounting to $183.1 billion, compared to $88.03 billion for Uzbekistan.

The main reason for the differences lies in private sector borrowings. Kazakh companies without state guarantees owe foreign creditors $115 billion, whereas their Uzbek counterparts owe $32.84 billion. Public debt accounts for about a quarter of Kazakhstan's total external debt, while in Uzbekistan it exceeds half.

Collectively, all five Central Asian countries owe foreign creditors approximately $293.7 billion, which is higher than the approximately $189.6 billion in 2015. The growth of about 72% over the decade is driven by Uzbekistan, whose external debt increased 6.5 times. Kyrgyzstan's debt grew from $7.72 billion to $12.53 billion, Tajikistan's from $5.15 billion to $7.15 billion, and Kazakhstan's from $156.15 billion to $183.1 billion. Turkmenistan went in the opposite direction, reducing its external debt from $7 billion to $2.85 billion.

In 2025, Uzbekistan demonstrated the fastest annual growth in external debt at 24.7%. Kazakhstan's debt grew by 10.3%, Kyrgyzstan's by 4.8%, and Tajikistan's by 1.8%. Meanwhile, Turkmenistan reduced its external debt by 14.1%.

Relative to the size of their economies, Kazakhstan had the highest debt burden, as external debt constituted 64% of its gross national income. In Uzbekistan, this figure was 60%, in Kyrgyzstan 56%, in Tajikistan 29%, and in Turkmenistan 6%.

On a per capita basis, external debt amounted to about $8,800 per person in Kazakhstan, about $2,400 in Uzbekistan, $1,700 in Kyrgyzstan, $660 in Tajikistan, and $375 in Turkmenistan.

Kazakhstan also faced the heaviest debt servicing burden relative to exports. In 2025, the country spent 64% of its export revenue on servicing external debt. In Uzbekistan, this figure was 29%, in Kyrgyzstan 28%, and in Tajikistan 8%. Kyrgyzstan's ratio almost tripled compared to 2024, while in Uzbekistan it decreased by 18.6%. The report does not contain data on export-related debt servicing for Turkmenistan.

China remained the largest bilateral creditor for four countries in the region. Kyrgyzstan and Tajikistan were most dependent on Chinese financing: $1.5 billion out of $1.9 billion of Kyrgyzstan's debt to foreign governments belonged to China, and the corresponding figure for Tajikistan was $738 million out of $894 million. Uzbekistan owes China $3.85 billion, and Kazakhstan owes $1.95 billion.

The composition of multilateral creditors varied across the region. The Asian Development Bank became Uzbekistan's largest multilateral creditor, with an outstanding debt of $8.36 billion. Kazakhstan owed the International Bank for Reconstruction and Development the most, amounting to $3.63 billion. The Association for International Development Assistance was the largest multilateral creditor for Kyrgyzstan, totaling $930 million, while Turkmenistan owes the Islamic Development Bank $811 million.

Kazakhstan relied most heavily on market borrowings. Of its public and state-guaranteed debt of $46.41 billion, $33.22 billion was owed to private creditors. Corresponding amounts were $15.11 billion for Uzbekistan, $700 million for Kyrgyzstan, $357 million for Tajikistan, and $240 million for Turkmenistan.

The terms of new loans also differed. In 2025, official creditors offered Kyrgyzstan the lowest interest rates—an average of 1.2% per annum with a repayment period of 28 years. Kazakhstan borrowed from official creditors at a rate of 1.9%, Turkmenistan at 2.8%, Uzbekistan at 3.4%, and Tajikistan at 5.6%.

Among private creditors, Kazakhstan took funds at a weighted average rate of 4.9%, Kyrgyzstan at 7.8%, and Uzbekistan at 8.6%. Tajikistan and Turkmenistan did not receive new loans from private creditors in 2025.

According to the World Bank's International Debt Report 2026, Uzbekistan's external debt as of the end of 2025 amounted to $88.03 billion, representing an increase of 24.7% during the year.

Over the last decade, the country's debt to foreign creditors has increased by approximately 6.5 times, rising from $13.57 billion in 2015. The growth of Uzbekistan's external debt has outpaced that of neighboring countries and developing economies overall.

In Europe and Central Asia, total external debt increased by 15.3% in 2025, while the growth among low- and middle-income countries was 5.5%.

Of the total amount of $48.46 billion, state debt and publicly guaranteed obligations account for a portion. An additional $32.84 billion consists of external loans from private companies without state guarantees. Short-term debt reached $6.73 billion.

The largest share of Uzbekistan's state and publicly guaranteed debt is owed to international financial institutions, amounting to $22.82 billion. This sum includes $8.36 billion owed to the Asian Development Bank and $5.01 billion to the International Development Association, which is part of the World Bank Group. Debt to other multilateral creditors totals $9.45 billion.

Estimated debt to governments of foreign states reached $10.53 billion. The largest bilateral creditors are China with $3.85 billion and Japan with $2.99 billion; the remaining countries total about $3.7 billion.

Obligations to private creditors total $15.11 billion, accounting for approximately 31% of Uzbekistan's state and publicly guaranteed debt.

The international bond market has become one of the main sources of financing. In 2025, Uzbekistan issued bonds worth $3.9 billion, exceeding the issuance volume of any other country eligible for concessional financing from the International Development Association.

According to the report, the government issued bonds worth $1.6 billion, including securities denominated in the national currency. Another $2.4 billion was attracted by other state structures. However, these two figures total $4 billion, which exceeds the total issuance stated in the report of $3.9 billion by $100 million.

The World Bank also noted the high cost of Uzbekistan's borrowing in the market. The yield on bonds denominated in soums with a maturity of 2028 reached 15.5%. The report authors attribute this rate partly to inflation risks. Dollar-denominated bonds were issued at a yield of 7.38%.

Borrowing costs vary significantly depending on the source of financing. In 2025, official creditors—foreign governments and international organizations—provided Uzbekistan with loans at an average interest rate of 3.4%, with a repayment period of 21 years and a five-year grace period. Private creditors offered financing at an average rate of 8.6% over 10 years, with the grace period covering the entire loan term.

The burden of the country's debt relative to economic output has also increased. External debt reached 60% of gross national income and 227% of export revenue, with both indicators exceeding the previous year's level.

Simultaneously, debt service costs decreased relative to economic indicators. In 2025, payments on principal and interest amounted to 29% of export revenue and 8% of gross national income. Compared to 2024, these ratios decreased by 18.6% and 17.7%, respectively.

In the Europe and Central Asia region, external debt service costs in 2025 amounted to 25% of export revenue and 8% of gross national income. According to the World Bank, this was the highest debt service ratio to income among regions including low- and middle-income countries.

In Uzbekistan, the 'From Poverty to Prosperity' program is being implemented, under which over 2,300 loans totaling 35.9 billion soums have been provided to citizens. These funds are intended for the purchase of equipment and machinery, enabling residents to start their own businesses, work for themselves, and develop small-scale production.

According to Central Bank data as of October 1, 2026, a significant portion of the loans was allocated for the purchase of sewing machines—925 units amounting to 13.2 billion soums. Additionally, 419 loans totaling 7.1 billion soums were used to procure equipment sets for food production. Citizens also acquired 496 laptops worth 5.6 billion soums and 272 motor vehicles valued at 5.4 billion soums. An additional 4.5 billion soums was allocated for other types of equipment through 250 processed loans.

Leaders in Support Volume

Among the financial institutions providing support, People's Bank provided the largest volume of loans, issuing 1,600 loans worth 23.6 billion soums. 'Microcreditbank' processed 569 loans for 8.6 billion soums, and 'Agrobank' provided 206 loans for 3.6 billion.

Regional Indicators

In terms of regional performance, Jizzakh region leads with 321 loans received by its residents. It is followed by Tashkent region with 307 loans and Syrdarya region with 262 loans.

The regulator emphasizes that this initiative not only provides financial assistance to the population but also helps realize personal ideas into a sustainable source of income. The main goal of the program is to support small entrepreneurship and increase family incomes. Furthermore, Uzbekistan plans to provide greenhouse farms and private greenhouse owners with preferential loans of up to three billion soums, as well as subsidies, tax benefits, and compensation for part of electricity costs.