RISK MANAGEMENT SYSTEM IN PPP PROJECTS: INTERNATIONAL EXPERIENCE

Аннотация

Public-private partnership (PPP) projects involve complex financial, technical and legal risks, and their effective management is an important factor in ensuring investment sustainability. This article provides an in-depth analysis of the international experience of risk management systems in PPP projects, assessing advanced approaches and their applicability in the conditions of Uzbekistan. The study examined the experiences of the United Kingdom, Australia and South Korea, and analyzed their mechanisms for identifying, allocating and monitoring risks. The results show that balanced risk allocation and transparent monitoring tools are crucial for the success of PPP projects. Keywords: public-private partnership, risk management, risk sharing, international experience, monitoring. Introduction. Currently, public-private partnership (PPP) projects are considered an effective tool for economic development, infrastructure renewal and improving the quality of services in many countries. However, PPP projects, by their nature, have complex financial, technical, political and legal risks, which require effective risk management mechanisms. Risk identification, assessment, allocation and monitoring are key elements of PPP, and failure to do so can lead to a decline in investor confidence, financial stability and project failure. Therefore, in world practice, well-developed risk management systems are used in the implementation of PPP projects. International experience shows that successful PPP projects have clear criteria for risk allocation and independent and transparent mechanisms for monitoring them. For example, in countries such as the United Kingdom, Australia, and South Korea, legal risks, financial risks and technical failures are analyzed in advance in PPP projects, and these risks are fairly distributed among stakeholders. Although the PPP institution is developing in Uzbekistan, it is observed that systematic approaches to risk management, especially monitoring processes, are not sufficiently formed. Therefore, this article aims to study risk management mechanisms tested in international experience in PPP projects and develop recommendations for their application in the conditions of Uzbekistan. 163 THEORETICAL ASPECTS IN THE FORMATION OF PEDAGOGICAL SCIENCES International scientific-online conference Literature review: The issue of risk management in public-private partnership (PPP) projects has been studied in depth by many researchers. Yescombe (2011) in his works outlines the basic principles of risk sharing in the PPP system and offers mechanisms for rational risk sharing between the government and the private partner. Grimsey and Lewis (2004) consistently highlight practical models for risk analysis, methods for monitoring and reducing them. Hodge and Greve (2007) identified the main types of risks in the PPP process - political, financial, construction, technical and operational risks - and analyzed international experience in assessing them. Their study also notes that a transparent risk management monitoring system and independent audit are important foundations for successful PPPs. The World Bank (2020) indicates that the main problem in PPP projects in developing countries is the lack of risk management mechanisms. Therefore, it is recommended to form a system of standardized risk sharing agreements and special financial guarantees to minimize risks. Studies conducted on Uzbekistan (Tukhtayev, 2022; Khodjayev, 2023) acknowledge the improvement of the legal framework for risk management in PPP projects, but note that practical monitoring and advance risk assessment systems are not working sufficiently. Thus, the analysis of scientific literature shows that risk management is a decisive factor in the successful implementation of PPPs, and as an effective approach, it is necessary to study the experience of advanced countries and adapt it to national conditions. This study aimed to in-depth study of the risk management system in public-private partnership (PPP) projects and analyze it based on international experience. Several scientific and methodological approaches were combined in the research process. First of all, to determine the theoretical foundations, scientific sources on the concepts of risk management, their legal aspects and their role in PPP projects, as well as national and international regulatory documents were studied using the method of in-depth content analysis. Also, using the comparative method, the best practices in risk management used in the UK, Australia and South Korea were compared with the practice of Uzbekistan, and an attempt was made to identify effective mechanisms. Empirically, semi-structured interviews were conducted with 15 specialists working in ministries and agencies of Uzbekistan involved in PPPs. During these interviews, in-depth views were exchanged on the main risks encountered in the PPP process, existing shortcomings in their identification and dist