Tashkent, Uzbekistan (UzDaily.com) - The volume of the total external debt of Uzbekistan as of 1 April 2021 made up US$34.2 billion, according to the report of the Central Bank of Uzbekistan.

The regulator noted that the external debt of Uzbekistan increased in relation to the beginning of 2021 by 1% or by US$310.6 million.

The Central bank emphasizes that in the first quarter, the net increase in public sector debt, taking into account changes in prices and exchange rates, decreased by US$156.7 million and amounted to US$21.2 billion, mainly due to the attraction of new external borrowings and the issuance of government bonds.

The growth of private sector debt amounted to US$467.3 million, mainly due to an increase in borrowing by banks.

It should be noted that in the first quarter of 2021 the private sector attracted borrowings totaling US$1.3 billion. Borrowings were mainly carried out by banks - US$907.5 billion, including the oil and gas and energy sector attracted US$179.8 million and enterprises other sectors of the economy - US$349.0 million

At the same time, during the period under review on the state external debt, the repayment of the principal debt and interest was carried out in the amount of US$200.0 million and US$67.0 million, respectively.

Payments on private external debt amounted to US$687.0 billion on principal and US$94.3 million on interest.

At the same time, banks and enterprises of the oil and gas and energy sectors make the largest volume of payments both for principal and interest.

The volume of the gross external debt of the Republic of Uzbekistan as of 1 April 2021 amounted to US$36.8 billion, an increase of US$441.9 million.

In the first quarter of 2021, gross external debt increased mainly due to operational changes, while revaluation (exchange rate and price changes in financial instruments) and other changes were equal to - US$467.6 million and - US$10.6 million, respectively.

Credits and loans predominate in the structure of gross external debt (82%). Also, the reduction in liabilities at the beginning of the year for debt securities is explained by the fall in prices of sovereign bonds of the Republic of Uzbekistan and Eurobonds issued by commercial banks in the world market. Movements in other liabilities mainly relate to “trade loans and advances” and liabilities to parent companies.

The ratio of gross external debt to GDP, excluding other liabilities, was 57%.