Uzbekistan's national debt grew by more than $6.6 billion last year, reaching $46.85 billion as of January 1, 2026, according to data from the Ministry of Economy and Finance reported by spot.uz. That marks a 16% increase year-on-year, with the debt-to-GDP ratio standing at 31.9% against a GDP exceeding $147 billion.

External debt accounts for roughly 85% of the total, rising by $6.09 billion — or 18% — to $39.82 billion, while domestic debt grew by $541 million to reach $7.03 billion. 

The bulk of external borrowing is denominated in US dollars at 59%, followed by the euro and Japanese yen. Nearly half of all external debt — around $19.83 billion — has been directed toward budget support, with the energy sector, agriculture, utilities, and transport also among the top recipients.

International financial institutions are the leading creditors, holding 56% of external debt. The World Bank leads with $8.94 billion, followed closely by the Asian Development Bank at $8.35 billion. Among bilateral creditors, China, Japan, and France rank at the top.

The volume of Uzbekistan's international bonds also grew over the year by $1.71 billion, reaching $5.84 billion.