Tashkent, Uzbekistan (UzDaily.com) -- The total external debt of Uzbekistan as of 1 January 2022 made up US$39.6 billion, having increased by 16% or US$5.4 billion compared to the beginning of 2021. This is stated in the report of the Central Bank of Uzbekistan.

In particular, in 2021, the net growth of public external debt, taking into account changes in the exchange rate and prices, increased by 11% or by US$2.4 billion and amounted to US$23.7 billion at the end of the reporting period. The reason for this was the receipt by the public sector of loans totaling US$3.8 billion, of which US$635 million were issued securities at a rate of 3.9% for a period of 10 years and 2.5 trillion soums at a rate of 14% for a period of 3 years.

The growth in private sector debt as of 1 January 2022 amounted to US$15.8 billion, an increase of 24% or US$3.0 billion compared to the beginning of 2021, the main share of this growth is mainly in the banking sector, oil and gas and energy sectors, mining -metallurgical sector and other sectors.

During 2021, the private sector attracted loans in the amount of US$8.2 billion. Of these loans, US$3.4 billion fell to share of the banking sector, US$2.2 billion in the oil and gas and energy sectors, US$971.2 million in the mining and metallurgical sector and US$1.4 billion for other sectors of the economy.

It should be noted that in 2021, the private sector actively attracted external debt by placing securities on international markets. In particular, Uzbekneftegaz issued securities in the amount of US$700 million with an interest rate of 4.75% for a period of 7 years, UZAUTO MOTORS issued securities in the amount of US$300 million with an interest rate of 4.85% for a period of 5 years, as well as Ipoteka Bank placed securities in the amount of 785 billion soums with an interest rate of 16% for a period of 3 years in international financial markets.

At the same time, during the period under review, the repayment of principal and interest on the state external debt was carried out in the amount of US$919.9 million and US$370.9 million, respectively.

Payments on private external debt amounted to US$4.5 billion in principal and US$523.3 million in interest.

At the same time, banks, as well as enterprises in the oil and gas and energy sectors, make the largest volume of payments both on the principal debt and on interest.

At the same time, according to the Central Bank, the volume of gross external debt of Uzbekistan as of 1 January 2022 amounted to US$43.7 billion, an increase of 20% or US$7.4 billion.

In 2021, gross external debt increased by US$8.5 billion, mainly due to operational changes, while revaluation (exchange and price changes in financial instruments) and other changes were -US$907.5 million and -US$137.5 million respectively.

As of 1 January  2022, credits and loans prevail in the structure of gross external debt and account for 80% or US$34.9 billion.

Liabilities on debt securities also increased by US$1.7 million compared to the beginning of the year, including the issuance of securities in the amount of US$635 million and 2.5 trillion soums. Government and 785 billion soums and US$1 billion of securities issued by banks and non-state financial enterprises on international financial markets.

Changes in other liabilities are mainly due to trade loans and advances, as well as loans from parent companies.

The ratio of gross external debt to GDP, excluding other liabilities, was 57%.