The total public debt of Uzbekistan until the end of 2021 is projected to reach $28.3 billion (45.3% of GDP), according to the “Budget for Citizens” report, compiled by the Ministry of Finance. The total debt last year was $23.3 billion and in 2019 – $17.8 billion.
“Despite the growth dynamics, the public debt remains moderate, at a level that is safe for macroeconomic stability,” the report says.
The public debt in 2020 was mainly used to finance additional budget expenditures to overcome the negative consequences of the COVID-19 pandemic.
Uzbekistan’s external debt is forecast at $25.7 billion at the end of 2021 and $18.6 billion is to be raised on behalf of the government.
The government plans to spend external borrowing to finance the state budget deficit ($2.2 billion) and to implement new investment projects ($3.3 billion).
The limit of external debt this year has been set at 60% of the annual GDP. (Uzreport/Business World Magazine)