УПРАВЛЕНЧЕСКИЕ ВОПРОСЫ ВЫДАЧИ ГОСУДАРСТВЕННОГО КРЕДИТА: НА ПРИМЕРЕ УЗБЕКИСТАНА

Аннотация

The article is devoted to the current managerial issues of state loan, particularly, where they are being spent in Uzbekistan and for how many period the loan is taken. Key words: Government loan, functions of state credit, forms of government credit, current loan of Uzbekistan. УПРАВЛЕНЧЕСКИЕ ВОПРОСЫ ВЫДАЧИ ГОСУДАРСТВЕННОГО КРЕДИТА: НА ПРИМЕРЕ УЗБЕКИСТАНА Аннотация. Статья посвящена актуальным вопросам управления государственными кредитами, в частности, где они расходуются в Узбекистане и на какой срок берется кредит. Ключевые слова: Государственный кредит, функции государственного кредита, формы государственного кредита, текущий кредит Узбекистана. Introduction: A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007-2008 and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt has been linked to the rise of democracy, private financial markets, and modern economic growth. A state credit is a set of money relations arising between the state and individuals and legal entities, other states and international financial organizations, in which the state can act both as a borrower and as a creditor and guarantor. State credit relations arise in the following cases: • When the state is a borrower, i.e. borrows funds from individuals and legal entities, other states and international financial organizations; • When the state is a creditor, i.e. issues loans to individuals and legal entities, other states; • When the state is the guarantor, i.e. responsible for the repayment of loans, fulfills the obligations of individuals and legal entities. There are 3 functions of state credit: 9 4 International scientific journal ISSN: 2181-3906 «MODERN SCIENCE АND RESEARCH» 2024 VOLUME 3 / ISSUE 4 / UIF:8.2 / MODERNSCIENCE.UZ • Distribution function; • Regulating function; • Control function. Subjects of state credit: • The lender acts as the entity providing the loan. Legal entities and individuals can act as creditors. • Borrower is the recipient of the loan. The state acts as the borrower. In international credit relations, the state can act as both a debtor and a creditor. Government borrowings are carried out for: • Financing priority areas of economic development, including government development programs; • Refinancing government debt; • Covering the state budget deficit. Objectives and Methodology The research is aimed at learning the current state loan of Uzbekistan and by considering how the government loan is being spent and from which organization is taken. To achieve this objectives, the following tasks have been identified: 1. To analyze the theoretical and managerial background of the financial management process within budget execution; 2. To analyze the total data about state loan in Uzbekistan; 3. To provide solutions and recommendations how to perfectly invest in business. The research methodology of this paper is based on conducting the comparative analysis of macroeconomic development, political and social issues in the context of the financial management processes within state budget execution. It is also implemented SWOT, systematic vision, causes and consequences analysis and expert assessment. Government debt accumulation may lead to a rising interest rate, which can crowd out private investment as governments compete with private firms for limited investment funds. Some evidence suggests growth rates are lower for countries with government debt greater than around 80 percent of GDP. A World Bank Group report that analyzed debt levels of 100 developed and developing countries from 1980 to 2008 found that debt-to-GDP ratios above 77% for developed countries (64% for developing countries) reduced future annual economic growth by 0.017 (0.02 for developing countries) percentage points for each percentage point of debt above the threshold. Uzbekistan’s public debt as of July 1, 2023 topped $31.5 billion, or 36.8% of GDP. Of these, public external debt is $25.9 billion, public internal debt is $5.6 billion. As of January 1, 2023, this figure was $29.2 billion. The share of public debt to GDP was 36.4%. By country, the largest external debt is from China ($3