BAKU, Azerbaijan, Dec. 17
By Klavdiya Romakayeva - Trend:
The total external debt of Uzbekistan in the first nine months of 2020 amounted to $29.3 billion, Trend reports referring to the data of the Central Bank of Uzbekistan.
Thus, Uzbekistan's external debt from January through September 2020 increased by $4.8 billion, or 19.7 percent.
"This process is explained by the attraction of new external borrowings to mitigate the socio-economic impact of the crisis caused by the spread of the COVID-19 virus, and to finance government programs for the development of economic sectors and regions," the Central Bank explained.
External debt consists of public and private. The first amounted to $18.7 billion and grew by $2.9 billion, and the second amounted to $10.6 billion and grew by $1.9 billion.
As for the repayment of the debt, $454.8 million and interest for $263.4 million for the state debt, $1.3 billion and interest for $242.1 million for the private debt were paid over these nine months.
Earlier it was reported that Uzbekistan's external debt is projected to rise but remain at a safe level. The Ministry of Finance noted that this level amounted to 60 percent of GDP. Now the debt accounts for 39 percent.
The total external debt of Uzbekistan from January through July 2020 amounted to $27.6 billion, an increase compared to the beginning of the year by 12.7 percent, or $3.1 billion.
Public external debt for 7M2020 amounted to $17.47 billion, having increased by almost $1.7 billion over six months, of which $1 billion falls on international bonds.
The share of private debt, which consists of loans provided by foreign parent companies, amounted to 37 percent, or $10.1 billion.
In particular, $4.6 billion, or 45 percent fell on the banking sector, $4.4 billion (43 percent) on the oil and gas and the energy sector.
Due to the global pandemic and the slowdown in economic activity, the market value of Uzbekistan's sovereign bonds decreased compared to the beginning of 2020 as a result of lower quotations on international financial markets.
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