According to the Central Bank, in January-September 2025, Uzbekistan's gross external debt increased by $11.3 billion. As of October 1, the total external debt amounted to $75.4 billion. Of this, $37.4 billion is state external debt, and $38 billion is private and state-owned enterprises (corporate) debt. In nine months, state debt increased by more than 10 percent, and corporate debt by almost 27 percent.
According to the Central Bank, 40-50 percent of corporate debt falls on state-owned enterprises. The IMF and international rating agencies emphasize that Uzbekistan's external debt burden is moderate.
