O‘ZBEKISTONNING “TASHQI QARZ ORQALI RIVOJLANISH STRATEGIYASI”
Keywords:
Davlat qarzi, tashqi qarz, ichki qarz, o‘sish dinamikasi, kreditorlar, Jahon banki, Osiyo taraqqiyot banki, byudjet taqchilligi, infratuzilma investitsiyalari, valyuta tarkibi, kvazi-davlat qarzi, umumiy tashqi qarz, joriy hisob, eksport o‘sishi, xorijiy investitsiyalar, iqtisodiy barqarorlik, O‘zbekiston iqtisodiyoti.Abstract
This article analyzes the sharp increase in Uzbekistan's public
debt during the 2019–2025 period within the framework of the "development
through external debt" strategy. Based on official data, the author substantiates
that by the beginning of 2026, Uzbekistan's total debt reached $46.8 billion, with
85% ($39.8 billion) being external debt. The article highlights that 50% of the
borrowed funds were allocated to budget support, 14% to the development of
the energy sector, and provides data on the major creditors. Although a 32.8%
growth in the country's export volume and a 1.7-fold increase in foreign direct
investment ensure debt sustainability, currency risk (64% of the debt is in USD)
and the lack of transparency in quasi-public debt are assessed as the primary
risks. Furthermore, while the public debt-to-GDP ratio (≈32%) remains
manageable, practical proposals have been developed regarding open reporting
on the country's external debt and directing debt funds exclusively toward highyield
projects.
References
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