Tashkent, Uzbekistan (UzDaily.com) – The public debt-to-GDP ratio is projected to be at the level of 39.5-40.4% in 2025-2027. This is stated in the budget strategy for 2025-2027, developed by the Ministry of Economy and Finance of Uzbekistan and approved by the Cabinet of Ministers of the Republic of Uzbekistan.

As of 1 January 2024, the balance of public debt stands at US$34.9 billion, of which external debt amounts to US$29.6 billion and domestic debt to US$5.3 billion, constituting 38.4% of GDP. The external debt-to-GDP ratio is 32.6%.

The document notes that a preliminary analysis was conducted based on scenario forecasts, taking into account annual limits for public debt, budget deficits, and financing for major investment projects.

According to the preliminary analysis, under stable macroeconomic and budgetary conditions, the public debt-to-GDP ratio is projected to be at the level of 39.5-40.4% in 2025-2027. The external debt-to-GDP ratio is expected to average 33.3%.

This forecast assumes that the consolidated budget deficit in 2025-2027 will average 3% of GDP. The volume of government foreign trade operations will amount to US$4.5 billion in 2025-2027, and the volume of domestic government securities will cover half of the total demand for debt funds.

The document includes measures to maintain public debt at a safe level and to manage it effectively. In particular, measures will be taken to extend the average maturity of the debt, such as increasing the issuance of medium- and long-term government securities, as well as diversifying the debt sources.

Uzbekistan intends to accelerate the process of attracting international investors to the market of government treasury bonds and adopt strict measures to prevent, eliminate, or mitigate risks associated with debt servicing. It also plans to ensure transparency of information on public debt.