Tashkent, Uzbekistan (UzDaily.com) -- The total public debt of Uzbekistan at the end of 2021 is projected at US$28.4 billion (44.9% of GDP). This was reported by the Ministry of Finance of Uzbekistan in the draft publication "Budget for Citizens 2021".

According to the Ministry of Finance, the total public debt of Uzbekistan at the end of 2020 is expected to reach US$22.8 billion. Compared to 2019, the total public debt of the country increased by US$11.1 billion.

The Ministry of Finance notes that despite the growth dynamics, the public debt remains moderate, at a level safe for macroeconomic stability. 

The department explains the growth of public debt in 2020 with the attraction of external borrowings to finance additional budget expenditures to overcome the negative consequences of the COVID-19 pandemic.

The publication notes that the public external debt at the end of 2021 is projected at US$25.5 billion, of which US$18.0 billion is the debt of the Government of the Republic of Uzbekistan and US$7.5 billion is funds raised under the guarantee of the Republic of Uzbekistan.

Since 2020, restrictions have been introduced on attracting external loans on behalf of the Republic of Uzbekistan or under the guarantee of the Republic of Uzbekistan. The maximum volume for the total amount of newly signed agreements on attracting external borrowing on behalf of or under the guarantee of the Republic of Uzbekistan is set at US$4 billion.

However, in the context of the coronavirus pandemic, the government is forced to revise the limits for external borrowing. This year, the volume of newly signed agreements to attract external borrowing is projected at US$5.5 billion, in 2021 - within US$5 billion.