RELEVANCE OF THE STATE DEBT POLICY OF UZBEKISTAN

BARQAROR IQTISODIY OʻSISH ORQALI AHOLI

TURMUSH FAROVONLIGINI OSHIRISH MASALALARI

24-may 2024-yil

150

RELEVANCE OF THE STATE DEBT POLICY OF UZBEKISTAN

Turaeva Sevara

1st year student of the master's degree in

"Public Finance and International Finance" TSUE

Scientific supervisor: B.I. Nurmukhamedova

Associate Professor of the Department
of Finance and Financial Technologies

Abstract:

State debt policy plays a key role in ensuring macroeconomic

stability and sustainable development of the economy of Uzbekistan. Public debt
management is an important tool for financing the budget deficit, implementing
investment programs, and supporting vulnerable segments of the population.
Public debt management in Uzbekistan is based on the key principles of
transparency, accountability and long-term sustainability. Modern approaches to
debt structuring and servicing are used, aimed at minimizing risks and
optimizing the cost of borrowing.

Keywords:

Budgetary policy; regional debt policy; state debt policy;

state debt.

In the last decade, in domestic official documents, scientific publications

and periodicals began to be actively used the term "debt policy". Evidence that
the content this term has not yet been fully defined, it is often identification with
the “policy of government borrowing”, “public debt policy”, “policy in the field
of strategic planning and management debt" or "borrowing and management
policies duty", “debt management policy”, "politics public debt management",
or even with "politics" accelerated relief from the debt burden".

To reveal the essence of debt policy, it is important to understand that it is

a continuation of the political processes taking place in the state. A. Auerbach
notes that “within generations, individual personalities may prefer different
levels and forms government spending. While in power, they can choose the
current system for such spending, but the electoral system makes their ability to
do so questionable. Debt policy is a tool restraining the behavior of future
governments that have different preferences in public spending”

1

. That is, debt

policy, if it is in fact a set of balanced and consistent measures to regulate the
debt-borrowing activities of the state, should not radically change every time
with the arrival of a new cabinet of ministers – it must be stable with stability
political and economic situation in the country.

State debt policy plays a key role in ensuring macroeconomic stability and

sustainable development of the economy of Uzbekistan. Public debt
management is an important tool for financing the budget deficit, implementing
investment programs, and supporting vulnerable groups of the population.

1

Modern public finance / Edited by John M. Quigley and Eug. Smolensky. – Harvard University Press, 2022

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Goals of the state debt policy of Uzbekistan:
1.

Ensuring financial stability. Maintaining the sustainability of public
debt and reducing the risks of servicing it is a key goal of Uzbekistan’s
debt policy.

2.

Increasing efficiency. Attracting borrowed funds on favorable terms
and their effective use for the implementation of priority government
programs.

3.

Development of the government securities market. Formation of a
liquid and transparent public debt market as a source of financing the
budget deficit.

Objectives of the state debt policy of Uzbekistan:
1.

Ensuring financial stability and sustainability of public finances.

2.

Optimizing the structure and volume of public debt to minimize risks
and costs of servicing it.

3.

Optimizing the structure and volume of public debt to minimize risks
and costs of servicing it.

Undoubtedly, debt policy, while maintaining uniform general economic

and general theoretical approaches, should have its own national distinctive
features. The state must clearly formulate the tasks and basic principles of
implementing debt policy (current, long-term). At the same time, each level of
government and management should be delegated the functions of forming and
implementing a unified state debt policy. That is, at the regional level, with all
the independence and autonomy of forming the appropriate budgets, the general
strategic approach to the implementation of debt policy must be maintained.

There are a number of instruments for the state debt policy of Uzbekistan.

Debt instruments. Uzbekistan uses a variety of debt instruments, including
government bonds, loans from international financial institutions and bilateral
loans. These tools make it possible to attract the necessary resources to finance
the country's development.

Management of risks. The government carefully analyzes and manages

the risks associated with public debt to ensure its sustainability and efficient
servicing. This includes diversifying borrowing sources and currencies, as well
as optimizing repayment terms.

Partnerships. Uzbekistan actively cooperates with international financial

institutions, such as the World Bank and the Asian Development Bank, to attract
concessional financing and technical assistance in debt management.

In addition, there are stages in the implementation of debt policy, which

are very important in execution.

1.

Strategic planning of borrowing policy

2.Determination of order, conditions release and placement state debt
obligations
3.Service government debt

1

2

3

4

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4.

Control over the state of public debt

Picture 1. Stages of debt policy implementation

2

Debt policy is a critical part of public debt management, as a sustainable

debt policy is an important factor in maintaining the confidence of domestic and
foreign investors. Governments that manage their borrowing effectively can
reduce the risk of default and maintain access to capital markets. And borrowing
allows the government to finance large-scale infrastructure, social welfare and
economic development projects that are necessary to maintain sustainable
growth and improve the well-being of citizens. In connection with the above, the
development and implementation of an effective public debt policy is critical to
ensuring financial sustainability, supporting economic growth and improving the
well-being of the citizens of Uzbekistan.

Public debt policy is an important tool for macroeconomic management in

Uzbekistan. Optimizing debt management is critical to supporting sustainable
economic growth, ensuring fiscal discipline, maintaining macroeconomic
stability, reducing dependence on external sources and improving the country's
credit rating. Uzbekistan recognizes the relevance of this policy and is taking
steps to implement it, contributing to the creation of a strong and sustainable
economy.

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