Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan’s public debt at the end of six months of 2023 increased by US$2.3 billion and reached US$31.5 billion. This is stated in the budget message of the Ministry of Economy and Finance of Uzbekistan.

According to the ministry, Uzbekistan’s external public debt as of 1 July 2023 made up US$25.9 billion (unchanged) and internal public debt - US$5.6 billion (an increase of US$2.3 billion).

The ratio of public debt to GDP was 36.6% and external public debt to GDP - 30.4%.

Uzbekistan directed US$8.76 billion to support the budget (34% of funds raised), US$5.36 billion for the development of the electric power industry (21%), US$2.67 billion for the development of transport and transport infrastructure (10%), US$2.68 billion for the development of agriculture and water management (10%).

Uzbekistan used US$2.35 billion (9%) for the development of housing and communal services, US$1.1 billion to support business activities and industrial production (4%).

Another US$945 million (4%) was allocated to the chemical industry, US$303 million to education (1%) and US$608 million to medicine (2%), US$210 million to telecommunications (1%). US$897 million (4%) was allocated to other industries.

The Ministry of Economy and Finance of Uzbekistan notes that China (US$3.8 billion), Japan (US$2.1 billion), South Korea (US$0.9 billion), France (US$0.7 billion), Russia (US$0.6 billion) are major creditors of the country.

Among international financial institutions, major creditors are the Asian Development Bank (US$6.2 billion), the World Bank (US$5.6 billion) and the Islamic Development Bank (US$0.9 billion). Other international financial institutions have provided US$1.5 billion in loans.

The Ministry notes that Uzbekistan will allocate 8.2 trillion soums in 2023 to pay interest on the government debt, which is 1.3 trillion soums more than planned. Uzbekistan also intends to repay a debt of 19.1 trillion soums.

In 2024, Uzbekistan plans to repay debt in the amount of 32.3 trillion soums and use 16 trillion soums to pay interest.

According to the ministry’s forecasts, the ratio of public debt to GDP will reach 37% in 2024, 37.4% in 2025 and 37.9% in 2026.