Uzbekistan’s current account deficit more than doubled year-on-year and amounted to $2.1 billion in the first quarter of 2021, the Central Bank said.

The increase was mainly driven by “the impact of the COVID-19 pandemic on the world the economy, which led to a reduction in foreign trade turnover, gradual recovery in global business activity and other factors,” the bank said in a report.

Uzbekistan’s net international investment position amounted to $18.5 billion in January-March.

The country’s total external debt rose to $34.2 billion as of April 1 from $33.8 billion at the beginning of this year.

The Central Asian nation’s external debt is on the upward trend, the report said adding that changes in the debt structure indicate that the growth of public external debt is the result of attracting new external borrowings to mitigate the socio-economic impact of the crisis caused by the spread of the COVID-19.