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Furthermore, the increase in debt-to-GDP ratio has raised concerns about debt 
sustainability. The high debt-to-GDP ratio means that the country's ability to service its debt 
in the long run is dependent on its economic growth. If the economy fails to grow at a 
sufficient rate, the country may face difficulties in servicing its debt, which could lead to a debt 
crisis. 
Conclusion: 
In conclusion, Uzbekistan's foreign debt has increased significantly over the 
last decade, raising concerns about debt sustainability. The increase in debt-to-GDP ratio has 
put pressure on the government's budget, reducing its ability to invest in social sectors. 
However, foreign borrowing has also enabled the government to finance infrastructure 
projects, which has contributed to economic growth. The government's policy responses, 
including economic reforms and debt management practices, have been aimed at managing 
the country's debt burden. Going forward, it is crucial for the government to continue to 
implement sound economic policies to ensure debt sustainability and promote long-term 
economic growth. 
 
References: 
1.
Asian Development Bank. (2020). Uzbekistan Economic Outlook 2020. Retrieved 
from https://www.adb.org/publications/uzbekistan-economic-outlook-2020 
2.
International Monetary Fund. (2019). Republic of Uzbekistan: 2019 Article IV 
Consultation-Press Release; Staff Report; and Statement by the Executive Director for the 
Republic 
of 
Uzbekistan. 
Retrieved 
from 
https://www.imf.org/en/Publications/CR/Issues/2019/07/29/Republic-of-Uzbekistan-
2019-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-48483 
3.
Khamidov, A., & Nugmanova, G. (2019). External debt sustainability of Uzbekistan: An 
empirical analysis. Journal of Economic Cooperation and Development, 40(2), 1-30. 
4.
Republic of Uzbekistan. (2019). State Debt of the Republic of Uzbekistan. Retrieved 
from https://www.minfin.uz/en/state-debt 
5.
World Bank. (2019). Uzbekistan Economic Update: Resuming Growth. Retrieved 
from 
https://www.worldbank.org/en/country/uzbekistan/publication/uzbekistan-
economic-update-resuming-growth 
6.
World Bank. (2020). Uzbekistan Public Finance Review. Retrieved from 
https://www.worldbank.org/en/country/uzbekistan/publication/uzbekistan-public-finance-
review