The International Monetary Fund assessed the financial condition of Uzbekistan's state-owned enterprises and pointed out the risks they pose to the country's budget. According to the IMF report, in 2024, only 982 out of 2148 state-owned enterprises were profitable, which is about 46%. The remaining companies were unprofitable, inactive, in the process of liquidation, or did not disclose financial performance.
The mining sector was the main source of profit among state-owned enterprises. It accounted for about 80% of all dividend revenues to the budget from state-owned companies in 2024. The oil and gas industry and the financial sector made a significantly smaller contribution. At the same time, the most problematic areas were electricity, utilities, and water, where losses are associated with providing services to the population, the costs of which are not fully compensated.
The IMF separately studied 21 largest non-financial state-owned companies, whose assets account for about 48% of the country's GDP. Experts noted that in 2024, the financial condition of most enterprises improved, including after an increase in electricity and gas tariffs. However, many companies still depend on subsidies, state guarantees, preferential loans, and other forms of support. According to the fund, this reduces the efficiency of state asset management and creates an additional burden on the budget.