ISSUES OF EFFICIENT USE OF UZBEKISTAN’S PUBLIC EXTERNAL DEBT

Abstract

In the context of the rapid development of globalization processes, public external debt has become one of the important financial instruments for ensuring economic growth and modernization in developing countries. In Uzbekistan, the acceleration of economic reforms and large-scale infrastructure projects has increased the need for external financial resources. This article examines the economic essence of public external debt, analyzes the factors influencing its growth in Uzbekistan, and evaluates the main directions for its efficient use. The study also identifies existing problems related to debt management, including low project efficiency, bureaucratic barriers, and increasing debt servicing costs. Based on the analysis, scientific proposals and practical recommendations aimed at improving the efficiency of external debt utilization, strengthening monitoring systems, ensuring transparency, and enhancing debt sustainability are developed. The research concludes that the effective management of external debt and the allocation of borrowed funds to economically productive sectors are essential for maintaining macroeconomic stability and supporting sustainable economic development in Uzbekistan.