Tashkent, Uzbekistan (UzDaily.com) — At a session of the Legislative Chamber of the Oliy Majlis held on June 3, Minister of Economy and Finance Jamshid Kuchkarov delivered clarifications regarding the growth of Uzbekistan’s public debt.

He emphasized that, given the country’s steady economic growth as a developing economy, Uzbekistan requires substantial financial resources.

Government expenditures aimed at fulfilling key objectives — such as infrastructure development, construction of roads, drinking water systems, power grids, airports, railways, and highways, as well as ensuring national defense and border security — are partially financed through external borrowing.

The minister also noted that commercial banks attract foreign funding to support the issuance of mortgage loans to the population, which further contributes to the increase in total external debt.

According to Kuchkarov, by the end of 2024, Uzbekistan’s total public debt stood at 40.2 trillion soums, including 33.7 trillion soums in external debt and 6.5 trillion soums in domestic debt. The debt-to-GDP ratio was 35%, which, by international standards, is considered a moderate level.

“As established in the Law on Public Debt, the maximum debt level must not exceed 60% of GDP. This limit is enshrined in law, and the country's leadership closely monitors every dollar borrowed.

There are cities, villages, and mahallas in Uzbekistan undergoing improvement, and part of the expenses for these efforts is covered through external loans.

There is nothing shameful about this — if I may put it that way, it’s not a problem. When someone talks about rising debt, it’s important to remember that Uzbekistan’s GDP now stands at US$115 billion,” the minister stressed.

It is worth noting that, as of the first quarter of 2024, the country’s public debt increased by US$2.2 billion, reaching a total of US$42.43 billion.