Uzbekistan’s foreign debt on the rise

TASHKENT (TCA) — Uzbekistan’s total external debt increased by 9.5 percent in 2018 from the previous year, reaching 17.3 billion U.S. dollars as of January 1, 2019, Xinhua news agency reported on March 31 with reference to the country’s central bank.

The trend of the growth of foreign debt in public sector will continue in the coming year, the Uzbek central bank said in a report published on Saturday.

The share of the private sector in the foreign debt is 7.2 billion dollars, or 42 percent, while the state share is 10 billion dollars, or 58 percent, the report said.

The private sector debt consists of external borrowings received without the guarantee of the government of Uzbekistan, including debt on loans provided by foreign parent companies. The state sector debt is composed of loans received by the government or under the state guarantee, according to the central bank.

The largest part of the private foreign debt is from oil, gas and energy sectors, amounting to 5.5 billion dollars. The banking sector comes next with 978.2 million dollars’ debt.

The foreign debt in the public sector increased significantly in 2018 and the current growth trend is expected to continue this year due to the attraction of new foreign borrowings to finance the state development programs, the central bank said.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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