Uzbekistan’s total gross external debt volume stands at US$ 17.3 billion of January 1, 2019, an increase by 9.5% or US$ 1.5 billion compared to the last year, the Central Bank said in a report.
The private sector’s share is US$ 7.2 billion, or 42%, the state’s share - US$ 10 billion, or 58%. The previous consists of loans without the guarantee of the Government of Uzbekistan, including debt on loans provided by foreign parent companies. The latter includes loans received by the Government or under the guarantee of the Government.
The largest borrower is oil & gas and energy sector, at US$ 5.3 billion, or 75%, followed by the banking sector - US$ 978.2 million, or 15%.
The private sector drew US$ 866.1 million worth of loans last year, mainly the banks - 588 million, oil, gas and energy firms - US$ 76 million, textile firms - US$ 57 million and other sectors - US$ 145.1 million.
Analysis of dynamics of the debt shows that during 2012–2015, debt growth was observed in both the public and private sectors. However, starting from 2016, the debt repayment by the private sector surpasses the borrowing rate and, according to the estimates, this dynamic will continue until the end of 2019.
High growth rate of public sector’s foreign debt was observed in 2018, compared to previous years, due to the loans to finance government’s development programs.