Uzbekistan surpasses Kazakhstan in external government debt
According to World Bank data, by the end of 2025, Uzbekistan's external government debt amounted to $48.46 billion, while Kazakhstan's stood at $46.41 billion
The total external liabilities of Kazakhstan reached $183.1 billion, and those of Uzbekistan $88.03 billion. The private sector owes $115 billion and $32.84 billion, respectively, meaning government debt accounts for roughly a quarter of Kazakhstan's liabilities and over half of Uzbekistan's.
Per capita, this amounts to approximately $8,800 and $2,400; relative to gross national income, it is 64% and 60%. In 2025, Kazakhstan allocated 64% of its export revenue to servicing debt, while Uzbekistan allocated 29%; Uzbekistan's share decreased by 18.6% over the year.
China remains Uzbekistan's main bilateral creditor ($3.85 billion), and the largest multilateral creditor is the Asian Development Bank ($8.36 billion). In 2025, official creditors provided Uzbekistan with new loans at an interest rate of 3.4% per annum. Kazakhstan received private loans at 4.9%, Kyrgyzstan at 7.8%, and Uzbekistan at 8.6%; Tajikistan and Turkmenistan did not take new loans from private creditors.
