Uzbekistan's public debt rose to $48.32 billion in the second quarter.

Uzbekistan's public debt reached $48.32 billion in the second quarter of 2026, an increase of $1.33 billion from $46.99 billion in the previous quarter.

The public debt-to-GDP ratio increased from 26.3% to 27.0% over the same period. External debt continues to account for the majority of the debt: $40.71 billion (84% of the total) in the second quarter, up from $39.78 billion (85%) in the first quarter, representing 22.8% of GDP, compared to 22.2% in the previous quarter. Domestic debt increased from $7.21 billion to $7.60 billion, its share rising from 15% to 16%, and its ratio to GDP rising from 4.0% to 4.2%.

The external debt structure is dominated by fixed-rate loans, which increased from $20.78 billion to $21.72 billion (44% to 45%), while the share of floating-rate loans decreased from 40% to 39%.

Foreign currency-denominated debt decreased from 82% to 80% of the external portfolio, while the share of domestic currency liabilities increased from 2% to 4%. Almost all external debt remains long-term: liabilities with maturities over one year amounted to $39.29 billion (81%) in the second quarter.

In domestic debt, the share of domestic currency instruments remained at 10%, while foreign currency liabilities decreased from 6% to 5%. The short-term portion of domestic debt increased from $0.80 billion to $1.17 billion.

In terms of currency, the US dollar continues to account for the largest share of external debt, at $27.44 billion, or 57% (compared to 58% in the previous quarter). It is followed by the euro ($3.90 billion, or 8%), the Japanese yen ($2.75 billion, or 6%), and the Chinese yuan, which increased from $1.39 billion to $1.50 billion while maintaining a share of approximately 3%. The share of the Uzbek som in external debt doubled, from 2% to 4%.

Among creditors, international financial institutions retain the largest share, at $22.48 billion, or 55% of external debt. Within this group, the World Bank ($9.12 billion, 22%) and the Asian Development Bank ($8.18 billion, 20%) lead, followed by the Asian Infrastructure Investment Bank ($2.32 billion) and the Islamic Development Bank ($1.20 billion).

Foreign government financial institutions account for 28% of external debt ($11.45 billion), with the largest share coming from the China Development Bank and Eximbank at $3.89 billion. The share of investors in Uzbekistan's international bonds increased from 15% to 17%, while the volume of Eurobond debt increased from $5.80 billion to $6.78 billion.

By use, half of the external debt—$20.53 billion, or 50%—is used to support the state budget. The fuel and energy sector received $5.47 billion (13%), including $4.21 billion for the electric power industry.

Transport infrastructure received $3.06 billion (8%), agriculture and water management received $3.34 billion (8%), and housing and utilities received $3.38 billion (8%). Healthcare, education, information and communications technology, and other sectors accounted for $3.72 billion, or 9% of the external debt.