Uzbekistan External Debt 2026: $84.1 Billion as of 1 July — CBU Data
Uzbekistan's total external debt stood at $84.1 billion as of 1 July 2026, up from $82.2 billion as of 1 January 2026, according to the Central Bank of Uzbekistan's review for the first half of the year (the publications page was updated on 29 September 2026); only in this edition does the CBU mention that eurobonds were revalued at market value. Public external debt came to $41.7 billion and corporate external debt to $42.4 billion. We look at what the debt consists of, why the CBU and the Ministry of Economy and Finance report different figures, and what the balance of payments showed.
In brief: Uzbekistan's external debt stood at $84.1 billion as of 1 July 2026 (about 1,010 trillion soums at the Central Bank of Uzbekistan (CBU) rate for 1 July 2026 of 12,009.27 soums per dollar): $41.7 billion is public external debt and $42.4 billion is corporate. These figures come from the Central Bank of the Republic of Uzbekistan's review of the balance of payments, international investment position and external debt for the first half of 2026; the CBU publications page was updated on 29 September 2026. Compared with $82.2 billion as of 1 January 2026 (the CBU review for the first quarter of 2026), total debt rose by $1.9 billion, or 2.3%, in the balances as published by the CBU; see the caveat on comparability between editions below.
Uzbekistan's external debt as of 1 July 2026: CBU figures
According to the CBU review for the first quarter of 2026, the balance as of 1 April stayed at the 1 January level: in the CBU's words, total external debt "remained unchanged from the beginning of the current year, amounting to $82.2 billion." In the balances as published by the CBU, the entire increase for the half-year came in the second quarter.
| Indicator (CBU reviews) | 1 July 2025 | 1 January 2026 | 1 April 2026 | 1 July 2026 | 1 July 2026 in soums (CBU rate of 12,009.27 for 1 July 2026) |
|---|---|---|---|---|---|
| Total external debt, $ billion | 72.2 | 82.2 | 82.2 | 84.1 | ≈ 1,010 trillion |
| Public external debt, $ billion | 36.8 | 40.5 | 40.5 | 41.7 | ≈ 501 trillion |
| Corporate external debt, $ billion | 35.4 | 41.7 | 41.7 | 42.4 | ≈ 509 trillion |
Column sources: 1 July 2025 — the CBU review for the first half of 2025; 1 January 2026 — the annual review for 2025 (public 40.5 and corporate 41.7; the total of 82.2 is from the review for the first quarter of 2026); 1 April 2026 — the review for the first quarter of 2026.
- From 1 January to 1 July 2026, public external debt rose from $40.5 billion to $41.7 billion (+3.0%) and corporate debt from $41.7 billion to $42.4 billion (+1.7%).
- Over the year, from $72.2 billion as of 1 July 2025 to $84.1 billion as of 1 July 2026, total external debt grew by $11.9 billion (+16.5%); public debt rose from $36.8 billion to $41.7 billion (+13.3%) and corporate debt from $35.4 billion to $42.4 billion (+19.8%).
The CBU does not separately name the reasons for the increase in debt in the second quarter in its review for the first half of 2026 (checked 30 September 2026).
Balances should be compared with a caveat: the CBU states that the value of sovereign international bonds "has been revalued based on market prices as of the reporting date" only in a footnote to the review for the first half of 2026; the footnotes to the reviews for the first half of 2025, the nine months of 2025, the full year 2025 and the first quarter of 2026 do not contain this sentence. Whether the balances as of 1 July 2025, 1 January 2026 and 1 April 2026 were recalculated, and what share of the increase in public debt is due to the revaluation, the CBU does not say in its review for the first half of 2026 (reviews on cbu.uz checked 30 September 2026).
Public vs corporate external debt: the difference
In its review for the first half of 2026, the CBU defines corporate debt as follows: it "includes external borrowings raised by the private sector, including business entities, without state guarantees." The same review states that "the state bears no obligation with respect to corporate external debt, and repayments thereof are made from the own funds of economic entities and banks."
The CBU disclosed the structure of corporate debt in its annual review for 2025 (as of 1 January 2026): $41.7 billion (28.4% of GDP), of which $6.5 billion is borrowing from foreign direct investors and $7.3 billion is international bonds, with more than 92% of funds raised on a long-term basis; the rest, in the review's wording, consists of loans and borrowings by the private sector without government guarantees. Public external debt as of the same date, according to the same review, was $40.5 billion, or 27.5% of GDP; according to the CBU, "this debt has been fully attracted on a long-term basis and predominantly on concessional terms."
Bonds on the domestic market, including dollar-denominated ones, are covered in our pieces on Uzbekistan's corporate bonds and the Agat Credit issue.
Public debt at the CBU and the Ministry of Economy and Finance: why the figures differ
According to Ministry of Economy and Finance data as reported by Spot on 3 September 2026, public debt as of 1 July 2026 amounted to $48.31 billion, of which $40.71 billion was external and $7.6 billion domestic. In the CBU review, public external debt as of the same date is $41.7 billion.
Neither the CBU review for the first half of 2026 nor the Spot report of 3 September 2026 with the Ministry of Economy and Finance data names the reason for the discrepancy; the Spot report does not describe the ministry's methodology (checked 30 September 2026). The CBU describes its own methodology in a footnote: under the IMF manual (BPM6), the stock of public external debt "includes accrued but unpaid interest," and the value of sovereign international bonds "has been revalued based on market prices as of the reporting date." The review does not say whether the CBU links this to the discrepancy. Note also that the Ministry of Economy and Finance's $48.31 billion is total public debt, including domestic debt, while the CBU's $84.1 billion is the external debt of the government and companies combined.
Uzbekistan's balance of payments for the first half of 2026
The CBU review for the first half of 2026 (data current as of 30 September 2026) shows:
- Current account: a deficit of $6,209.5 million in the first half of 2026, compared with a surplus of $79.2 million in the first half of 2025 (Appendix 1 of the same review).
- Exports of goods and services — $15.4 billion, 8.6% lower than in the first half of 2025. The CBU: "The decline was primarily driven by lower gold exports"; non-gold goods exports +27%, services +45%.
- Imports — $28.8 billion, 24% higher than in the first half of 2025; the trade balance was minus $13.4 billion.
- Income: the primary income balance was plus $1.9 billion and the secondary income balance plus $5.3 billion; on remittances, see our piece on transfers from Russia.
- Reserves: according to the CBU, the first half of 2026 saw "a USD 2.5 billion decline in international reserves, reflecting lower gold prices in global markets" compared with the beginning of the year (Appendix 2: $66,311.8 million as of 1 January 2026, $63,769.8 million as of 1 July 2026). On the CBU's gold operations in the foreign exchange market, see our piece on the dollar exchange rate in Uzbekistan.
An important caveat for comparisons. In a footnote to Appendix 1 of the review for the first half of 2026, the CBU writes that, following a revision of estimates of the average income and expenditure of labor migrants, the indicators for imports of services and primary and secondary income "were retrospectively revised for the period from the first quarter of 2020 through the first quarter of 2026." On the "Current account components" chart in the same review (p. 3), the revised deficit for the first quarter of 2026 is $5,569 million (chart labels, rounded to millions) (in the first-quarter review — $5,793.3 million), and for the second quarter $641 million. The difference of 6,209.5 minus 5,793.3 (about $416 million) mixes revised and unrevised data. The CBU has revised past periods before: the balance for the first half of 2025 was minus $156.3 million in the review for that period, about plus $74 million on the chart in the review for the first quarter of 2026 (−304 and +378 by quarter, chart labels, rounded to millions), and plus $79.2 million in the new review; the CBU reviews for the nine months of 2025, the full year 2025 and the first quarter of 2026 do not give the reason for the earlier revision (checked 30 September 2026).
How large is the debt burden
In its review for the first half of 2026, the CBU cites the IMF: "the IMF statement notes a low level of Uzbekistan's debt burden, while a significant part of the external debt was raised on concessional terms" (translated from Russian). Previously the wording was different: in the reviews for the first half of 2025, the nine months of 2025 and the full year 2025 — citing reports by the IMF and international rating agencies — and in the Russian-language edition of the review for the first quarter of 2026 (the English edition says "remains at a low level") — citing only the IMF — the burden "is assessed as moderate (the loans were mainly obtained on concessional terms)" (translated from Russian). The CBU reviews for the first quarter and the first half of 2026 do not give the ratio of external debt to GDP; the latest figure is in the annual review for 2025: as of 1 January 2026, public external debt was 27.5% of GDP and corporate debt 28.4% of GDP (checked 30 September 2026).
FAQ
What is Uzbekistan's external debt in 2026? As of 1 July 2026, Uzbekistan's total external debt was $84.1 billion, according to the CBU review for the first half of 2026. Of this, $41.7 billion is public and $42.4 billion is corporate external debt. In soums, at the CBU rate for 1 July 2026 (12,009.27), this is about 1,010 trillion soums.
How much has Uzbekistan's external debt grown over the year? From $72.2 billion as of 1 July 2025 to $84.1 billion as of 1 July 2026 — by $11.9 billion, or 16.5% (CBU reviews for the first half of 2025 and 2026). Since the start of 2026 ($82.2 billion as of 1 January 2026), the increase is $1.9 billion, or 2.3%. This is the difference between published balances: the CBU mentions the revaluation of sovereign international bonds at market value only in the review for the first half of 2026 and does not say whether earlier dates were recalculated (checked 30 September 2026).
Who repays corporate external debt? The companies and banks themselves: according to the CBU review for the first half of 2026, repayments "are made from the own funds of economic entities and banks." These are borrowings without a state guarantee; in the CBU's words, "the state bears no obligation with respect to corporate external debt."
Why is Uzbekistan's public debt $48.3 billion according to the Ministry of Economy and Finance, but external debt $84.1 billion according to the CBU? These are different indicators: the Ministry of Economy and Finance figure (as of 1 July 2026, Spot, 3 September 2026) is total public debt, external and domestic, while the CBU figure is the external debt of the government and companies. Public external debt also differs: $40.71 billion at the Ministry of Economy and Finance and $41.7 billion at the CBU; neither the CBU review for the first half of 2026 nor the Spot report of 3 September 2026 names the reason (checked 30 September 2026).
Is Uzbekistan's debt burden high? In its review for the first half of 2026, the CBU cites the IMF: "the IMF statement notes a low level of Uzbekistan's debt burden" (translated from Russian). In earlier editions, the CBU wrote that, according to reports by the IMF and rating agencies, the burden "is assessed as moderate" (translated from Russian). The review does not give the debt-to-GDP ratio as of 1 July 2026 (checked 30 September 2026); as of 1 January 2026, according to the annual review, it was 27.5% of GDP (public external) and 28.4% of GDP (corporate).
Sources
- CBU: publications page on the balance of payments, international investment position and external debt (updated 29 September 2026, 15:50); review for the first half of 2026 (PDF), English edition; review for the first quarter of 2026 (PDF), English edition; annual review for 2025 (PDF); review for the first half of 2025 (PDF); review for the nine months of 2025 (PDF); dollar rate for 1 July 2026 (exchange rate archive API)
- Spot: 30 September 2026 — external debt reached $84.1 billion; 3 September 2026 — public debt exceeded $48 billion, according to the Ministry of Economy and Finance
- UzDaily: 30 September 2026 — Uzbekistan's external debt reached $84.1 billion by July
