18 February 2020

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1 Apr  2019 1646

Uzbekistan’s external debt totaled $17.3 billion as for the beginning of 2019

The Central Bank of Uzbekistan reports that state’s total external debt as of January 2019 showed an increase by 9.5% or $1.5 billion compared with the beginning of 2018. Long-term borrowing with a maturity of more than10 years form the most of the debt.

The regulator mentions that at the beginning of 2018, the methodology for calculating external debt was revised, and starting from 2018, when calculating the debt on foreign borrowings, accrued but unpaid interest is also taken into account.

According to the CB report, government sector accounts for the increase of debt ($2.5 billion) in 2018, while private sector debt decreased by $977.3 million.

While during 2012-2015 the increase in debt was observed, both in government and private sectors. However, starting from 2016, the private sector has started active  repaying of foreign debt, and according to preliminary estimates, this dynamic will continue until the end of 2019.

The significant amount of private sector principal debt repayment falls on the oil and gas and energy sector ($862.2 million), as well as the banking ($ 192.8 million) and telecommunications sector (USD 149 million). Oil, gas and energy sector enterprises paid interest in the amount of USD 296.7 million, while interest payments by the commercial banks totaled USD 42.6 million.

Meanwhile, in 2018 state development projects demanded external financing resulting in accelerated growth of government external debt. The share of government debt stands at 58%.

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