Uzbekistan's external debt amounts to approximately $2,400 per capita
Data presented by the World Bank; in Kazakhstan, this figure is nearly four times higher
Uzbekistan's external debt per capita stands at approximately $2,400, according to the World Bank's International Debt Report 2026. In Kazakhstan, this figure is around $8,800, in Kyrgyzstan — $1,700, in Tajikistan — $660, and in Turkmenistan — $375.
Uzbekistan's state and state-guaranteed external debt reached $48.46 billion by the end of 2025. This is slightly higher than Kazakhstan's comparable figure of $46.41 billion. However, Kazakhstan significantly leads other countries in the region in terms of total external debt: $183.1 billion compared to Uzbekistan's $88.03 billion.
The gap is primarily explained by private sector debts. Kazakh companies without state guarantees owe foreign creditors $115 billion, whereas the debt of Uzbek companies amounts to $32.84 billion. Therefore, state debt constitutes about a quarter of Kazakhstan's total external debt and more than half of Uzbekistan's.
The total external debt of the five Central Asian countries amounted to approximately $293.7 billion. In 2015, it was estimated at $189.6 billion. Over 70% of the increase over the decade was accounted for by Uzbekistan, whose debt grew 6.5 times.
In Kyrgyzstan, external debt increased from $7.72 billion to $12.53 billion over this period, in Tajikistan — from $5.15 billion to $7.15 billion, and in Kazakhstan — from $156.15 billion to $183.1 billion. Turkmenistan was the only country in the region where debt decreased: from $7 billion to $2.85 billion.
In 2025, external debt grew fastest in Uzbekistan — by 24.7%. In Kazakhstan, the increase was 10.3%, in Kyrgyzstan — 4.8%, and in Tajikistan — 1.8%. Turkmenistan reduced its debt by 14.1%.
When comparing debt to the size of the economy, Kazakhstan bears the highest burden: its debt equals 64% of gross national income. In Uzbekistan, the ratio is 60%, in Kyrgyzstan — 56%, in Tajikistan — 29%, and in Turkmenistan — 6%.
In terms of export revenue, Kazakhstan allocated the most funds to servicing external debt. In 2025, such expenses amounted to 64% of the country's export revenue. In Uzbekistan, the figure reached 29%, in Kyrgyzstan — 28%, and in Tajikistan — 8%. Data on export-related indicators for Turkmenistan were not provided in the report.
In Kyrgyzstan, the share of export revenue directed toward debt servicing nearly tripled compared to 2024. In Uzbekistan, by contrast, it decreased by 18.6%.
China remains the largest bilateral creditor for four countries in the region. Dependence on Chinese loans is most noticeable in Kyrgyzstan and Tajikistan. Of Kyrgyzstan's $1.9 billion debt to foreign states, $1.5 billion is owed to China. Of Tajikistan's $894 million in such debt, $738 million is owed to China.
Uzbekistan owes China $3.85 billion, Kazakhstan — $1.95 billion. For Turkmenistan, the main bilateral creditor is Japan, with a debt of $674 million.
The composition of the largest multilateral creditors varies by country. For Uzbekistan, it is the Asian Development Bank, to which the country owes $8.36 billion. Kazakhstan owes the most to the International Bank for Reconstruction and Development — $3.63 billion. The main multilateral creditor for Kyrgyzstan is the International Development Association, with a debt of $930 million, while for Turkmenistan, it is the Islamic Development Bank, to which the country owes $811 million.
Kazakhstan attracts financing on market terms more actively than other countries in the region. Of the country's $46.41 billion in state external debt, $33.22 billion is owed to private creditors. In Uzbekistan, $15.11 billion is owed to them, in Kyrgyzstan — $700 million, in Tajikistan — $357 million, and in Turkmenistan — $240 million.
The terms of new borrowings in 2025 also varied. Kyrgyzstan received the cheapest loans from official creditors: at 1.2% per annum for 28 years. Kazakhstan borrowed such funds at 1.9%, Turkmenistan at 2.8%, Uzbekistan at 3.4%, and Tajikistan at 5.6%.
From private creditors, Kazakhstan borrowed at 4.9% per annum, Kyrgyzstan at 7.8%, and Uzbekistan at 8.6%. Tajikistan and Turkmenistan did not attract new loans from private creditors in 2025.
