PEDAGOGICAL ASPECTS OF DEVELOPING PROFESSIONAL CREATIVITY IN FUTURE TEACHERS BASED ON COGNITIVE APPROACH
ABSTRACT
This article analyzes the issues of guiding future teachers to acquire cognitive activity experience, developing their pedagogical thinking and professional creativity, and preparing them to design cognitive education and upbringing processes.
The development of professional creativity in future teachers is directly related to the human cognitive process. The cognitive process reflects the systematic manifestation of mental processes. These are expressed in the future teacher’s perception of professional knowledge, retention in memory, recollection, processing, and interpretation. Methods and techniques that activate these processes in education began to be systematically studied by specialists by the end of the last century.
The formation of professional creativity in future teachers, the use of productive methods and technologies in this process, and ensuring creativity among future teachers have been studied in the works of R.G. Safarova, Kh.I. Ibraimov, B. Adizov, N. Muslimov, B.S. Abdullaeva, O. Tolipov, Sh. Sharipov, B. Mamurov, G. Ibragimova, and G. Nafasov. The technological stage is of great importance in helping future teachers acquire skills to design cognitive education and upbringing processes. At this stage, future teachers must master the principles of student development when designing all stages of the educational process.
It is crucial that future teachers acquire the ability to anticipate pedagogical tools, technologies used, and guaranteed educational outcomes. They should understand the principle of integrating their personal experiences into the content of education and training while designing cognitive education processes. Additionally, they must gain experience in collaborating with their future students through dialogue. The effectiveness of the cognitive education process depends on how accurately the teacher can design and organize it purposefully. For this, future teachers must also master the skill of using varied forms of work. These skills manifest clearly when future teachers select and design educational materials effectively.
Future teachers must also master the skills of monitoring the educational and cognitive activities of their students. Only then can they accurately design assessment materials and scenarios, which enables the efficient organization of the educational process. To equip future teachers with advanced pedagogical technologies, the following steps should be observed:
Analyze the lessons and professional outcomes of subject teachers during pedagogical practice to study their professional skills through mentorship.
Teach future teachers to identify and address potential challenges in cognitive pedagogical creativity and organization during their future professional activity.
Ensure future teachers can analyze and control their professional activities, relying on knowledge about designing and organizing the education process.
Enable future teachers to effectively select educational tools and use them in designing education and upbringing processes.
Allow future teachers to determine ways to improve their pedagogical creativity and organization based on concrete scientific and practical evidence.
To prepare future teachers for designing the education and upbringing process, they must initially:
Conduct regular consultations and discussions with mentor teachers during pedagogical practice.
Attend and analyze lessons of experienced teachers in detail.
Seek guidance from experienced teachers to organize the educational process effectively.
Participate in discussions, seminars, conferences, and training sessions on designing and organizing education and upbringing processes.
The practical training of future teachers in designing educational processes should be regularly analyzed by professors and instructors, highlighting achievements and shortcomings and recommending ways to address them. Future teachers should understand:
The individual characteristics of students in a particular class and the enhanced requirements during lessons.
How the teacher’s behavior in the educational process contributes to the personal development of students.
The structural components of the cognitive education process and what drives it.
The achievements and shortcomings of a specific teacher in organizing education.
To ensure effective design of the education process, the following measures are recommended:
Enrich the content of lesson topics and educational materials, aligning them with students’ personal development.
Create a supportive environment for students’ success and assist them in mastering the material.
Consistently support students’ interests and aspirations.
Future teachers should be able to select and design educational materials in harmony with students’ personal experiences and knowledge. Designing the educational process aligned with learning objectives is essential for its effectiveness. For this:
Educational materials should reflect students’ achievements, creative analysis, potential, experiences, and cognitive development.
Ensure the balance between the educational objectives and students’ abilities to master the material.
In designing educational situations within the cognitive education process, future teachers should consider creative thinking, communication engagement, and activity-oriented approaches, as these require mastery of professional knowledge. They must prioritize students’ personal development, facilitating interaction and dialogue between teacher and students, as well as among peers. The focus is on achieving outcomes important for students’ personal growth. Future teachers should gain experience in developing lesson plans that direct the learning process toward student-centered goals, ensuring lesson effectiveness through appropriate tasks and methods.
Collaboration among professional teachers, sharing and creatively utilizing each other’s experiences, is essential for ensuring the effectiveness of the education process. Future teachers should learn from experienced teachers during pedagogical practice. In addition to studying the conceptual foundations of cognitive education, they should understand methods for continuous educational activity, develop independent organizational skills, and recognize the significance of classroom situations in personal development.
All these requirements for future teachers must be reflected in the curriculum and textbooks designed for higher pedagogical education.
REFERENCES:
Mirziyoyev Sh.M. Strategy for the Development of New Uzbekistan. – Tashkent: Uzbekistan.
Safarova R.G. Theoretical Approaches to Cognitive Pedagogy: Monograph. – Tashkent.
Ibragimov Kh., Abdullayeva Sh. Theory of Pedagogy: Textbook. – Tashkent: Science and Technology, 2008. – 288 p.
Ibraimov Kh.I. Creativity as One of the Characteristics of the Personality of the Future Teacher // Science, Education and Culture. – 2018. – No. 3 (27). – P. 44-46.
Ibraimov Kh.I., Quronov M. General Pedagogy: Textbook. – Tashkent: Shaffof, 2023. – 416 p.
The novel opens with a shocking scene resembling a crime scene: the body of a young man named Yam is found in the square of Bran Castle in Germany, pierced by a metal rod engraved with the symbolic phrase: “You have water, but you do not have the soul.” The author uses this opening scene as a reverse introduction, beginning the narrative from its end before moving back to the past of the protagonist Yim and her struggle. Events unfold through a temporal overlap between past and present, as information about Yam (the transgender character) is gradually revealed through Yim’s memories, diary-like narration, mobile phone entries, and messages.
The narrative relies on a stream-of-consciousness technique (internal monologue), immersed in the free flow of the protagonist’s thoughts. Memories and reflections move non-linearly through Yim’s consciousness, shifting at times to her childhood in the Ghouta region of Syria, and at others to her migration or transition experience in Europe. The text highlights the tension between childhood memories (the absence of the mother and family disintegration) and present challenges (war, displacement, and integration into Western society). Thus, time and space intersect: the setting shifts from “traditional Syria” to “liberal Europe,” and time oscillates between the era of war and the era of exile. Critics have noted that this technique powerfully conveys the protagonist’s inner alienation, as Yim/Yam’s character gradually unfolds through narratives of travel and the hardships of asylum.
Characters
The novel centers on the main character Yim, who embodies the core conflict, surrounded by secondary characters, most notably: her deceased Syrian husband (the initial motive for migration), the German woman Ferdwald, who encourages her transition, the Lebanese friend Elena, and the emotionally absent and abusive father who traumatized her childhood. Through these characters, the novel dramatizes the dichotomy between the conservative East and the open West, between the “original conscience” and the “acquired self.” This character construction reinforces the idea of a triple identity: the protagonist exists as a blend of an Eastern woman, a Western man, and a lost child, locked in a continuous struggle with a fragmented self.
Core Themes and Issues
The novel fundamentally revolves around questions of identity in both existential and gendered senses. It portrays Yim’s suffering in her search for a stable self and a meaningful life, followed by her gender transition into Yam as an attempt at psychological healing from inner conflict. The work highlights the tension between her original identity and her acquired one: Yim experiences alienation from her new body and contradictory thoughts, caught between what her Eastern culture shaped in her and what the liberal West promotes. One critical study notes that the novel “examines Yim’s experience and interactions while crossing into a third gender, and how individual identity is formed and shaped by social conditions,” presenting gender transition as a decisive choice that confronts the protagonist with conflicting identities and leads to profound psychological turmoil.
The inner conflict is closely linked to external circumstances: life trials—parental loss, war, and patriarchal oppression—push Yim toward radical choices. Critical analysis suggests that these surrounding conditions drove her toward gender transition as a fateful option, yet the narrative demonstrates that this decision did not bring inner peace but instead intensified her sense of alienation and non-belonging. The protagonist’s opening testimony reflects this fracture: “I am merely the ghost of a lost man… living in a body that does not belong to him…”, underscoring the duality of gender and the impossibility of harmony between its poles.
The novel also addresses sexual liberation and homosexuality. It presents Ferdwald, a lesbian German woman who supports the transition, alongside other lesbian female characters, while criticizing sexual stereotyping in Arab societies. At the same time, it emphasizes that Western “enlightened” practices—encouraging homosexuality and transition—do not prevent the protagonist’s tragedy, but rather intensify her conflict. A journalist remarks that the novel shows how “the alleged freedom of the West quickly reveals its hidden complexities when the protagonist confronts the tragedy of integration and the exploitation of migrants,” placing the work in a critical position toward both Eastern and Western behaviors.
Additionally, the novel incorporates political and social entanglements such as asylum, smuggling, and addiction. It sheds light on refugee hardships, including the dangers posed by smugglers, and criticizes cultural fragility and the absence of social support. Although the plot centers on an individual tragedy, it ultimately projects a broader human catastrophe: the search for identity within constantly shifting environments.
Symbolism and Significance
The novel employs powerful symbols that deepen its thematic dimensions. Foremost among these is water, which recurs at pivotal moments (Europe, transition, death) as a dual symbol: on one hand, life, fluidity, and hope for freedom; on the other, drowning, destruction, and fear of collapse. Water emerges as a witness to the bleeding and fragmentation of the soul; the engraved phrase “You have water, but you do not have the soul” unites hope with tragedy, turning water into a symbol of contradiction between survival and loss.
Another prominent symbol is the number three. The title “Third of Three” suggests fragmentation and disintegration, implicitly pointing to a triangular identity (masculinity, femininity, and lost childhood) and the imbalance between them. Critics argue that the number three in the novel “indicates a state of fragmentation between past and present, self and other, and between beautiful dreams and bitter reality.” Each transformation or decision by the protagonist thus reenacts this fragile triadic condition, where the desired harmony remains unattainable.
Overall, the novel employs these symbols with expressive eloquence, suggesting that the battle over identity unfolds on rich symbolic ground. Tattoos, slogans, and blood recur in a dense network, turning each dramatic scene into a direct reflection of the inner struggle.
Style and Language
The language of the novel leans toward clear analytical narration with occasional lyrical descriptiveness. Some critics have praised Al-Mismar’s engaging style and adherence to narrative structure, combining dialogue, description, imagination, and internal monologue (including writings and mobile messages) within a cohesive plot. The protagonist’s narrative voice is personal and dynamic, marked by strong metaphors—such as “a raging sea whose depths cannot be reached”—and an intense expression of femininity and inner violence.
However, some observers note that the novel allows ample space for direct social commentary. At times, its style tends toward explicit didacticism, reinforcing its message through repetition and moral emphasis. One critic argued that the narrative structure lacks the familiar artistic complexity of tightly plotted novels, occasionally approaching a socially motivated discourse clothed in fictional form. Conversely, many readers believe that the open, poetic, and descriptive language—driven by the rhythm of stream of consciousness—draws deeply into the protagonist’s psyche, granting the text emotional authenticity.
Aesthetically, the work relies on the repetition of key terms (water, soul, loss) and figurative imagery (simile and suggestion) to reinforce its message. The title itself—“a ghost of a lost man”—functions as a poetic metaphor, infusing the text with lyrical tension throughout the protagonist’s internal expressions. At the same time, the author presents events in accessible, readable language, avoiding explicit sexual scenes and instead focusing on the psychological and existential struggle of identity, rather than sensational description.
The Novel within Contemporary Arabic Literature
“Third of Three: Fragments of the Self” occupies a distinctive position in contemporary Arabic literature, as it addresses issues of sexual and gender identity with unprecedented frankness. The novel belongs to a small body of Arabic works that tackle such sensitive themes, surpassing the customary limits of the local literary canon. Critics have observed that Al-Mismar does not follow Western writers (such as Leslie Feinberg or Jeffrey Eugenides) in affirming a “third identity” as a final resolution; instead, he adopts an opposing approach that exposes the psychological fragility of such identities. In this sense, the novel is bold in its proposition and has been described as “a daring literary work that addresses issues of identity and gender transition.”
The importance of the novel lies in its call for the Arab East to reconsider assumptions about imported notions of freedom and openness from the West. It urges Arab readers to confront inherited stereotypes about gender and migration, and calls institutions and societies to engage with these dilemmas realistically. From this perspective, the novel represents a qualitative shift in the treatment of gender issues in Arabic literature, moving beyond traditional debates about women’s roles to delve into the deeper contradictions between masculinity, femininity, self, and other.
Critical and Popular Reception
Third of Three received multiple critical readings following its publication. Critics wrote extensively about its boldness and psychological depth, with Al-Mayadeen describing it as one of the “daring literary works” addressing identity. Detailed analyses appeared in newspapers and literary platforms such as Al-Ra’i, Nakheel Iraqi, and Radar Al-Arab, examining its structure, themes, and style. The author also participated in book signings and literary discussions (in Beirut and Hermel, for example), attended by audiences and activists concerned with human rights and gender issues.
At the popular level, the novel attracted attention on digital reading platforms, with approximately 9.9 thousand readers on Kotobati and a high rating of 5.0/5, reflecting strong engagement with the text. Despite criticism of its direct style, the novel sparked debate and discussion in cultural forums and gained a reference status among Arabic works attempting to engage with gender identity issues.
In sum, reception indicates that Third of Three has been described as an exceptional and significant novel. Through a skillful blend of narration, psychological analysis, and symbolism, Ashraf Al-Mismar raises sharp questions about selfhood and belonging. Despite differing opinions about its style, the novel has undeniably left its mark on the contemporary literary scene by pushing the boundaries of subject matter and narrative courage.
Rosa Schapire used her ground-breaking career in art history to advocate for socialist, feminist, and anti-fascist ideals across Europe in the twentieth century. Her family and education in her hometown of Galicia, Poland, introduced her to such ideals, and her studies took her around Europe. Schapire’s contributions to the art world were many, ranging from reviews and critiques to translations to amassing an impressive collection of German Expressionist work. She edited several journals and, along with fellow art patron and suffragette Ida Dehmel, helped to form the Women’s Society for the Advancement of German Art. After the rise of the Nazis and the death of many family members, Schapire fled to England, where many pieces of her collection are still housed in museums.
Sahitya Ratnakar Dr Prasana Kumar Dalai.(DOB 07/06/1973) is a passionate Indian Author-cum- bilingual poet while a tremendous Asst Professor of English by profession in the Ganjam district of Odisha.He is an accomplished source of inspiration for young generation of India .His free verse on Romantic and melancholic poems appreciated by everyone. He belongs to a small typical village Nandiagada of Ganjam District, the state of Odisha.After schooling he studied intermediate and Graduated In Kabisurjya Baladev vigyan Mahavidyalaya then M A in English from Berhampur University PhD in language and literature and D.litt from Colombian poetic house from South America.He promotes his specific writings around the world literature and trades with multiple stems that are related to current issues based on his observation and experiences that needs urgent attention.He is an award winning writer who has achieved various laurels from the circle of writing worldwide.His free verse poems not only inspires young readers but also the ready of current time.His poetic symbol is right now inspiring others, some of which are appreciated by laurels of India and across the world. Many of his poems been translated in different Indian languages and got global appreciation. Lots of well wishes for his upcoming writtings and success in future.He is an award winning poet author of many best seller books.Recently he is awarded Rabindra nath Tagore and Gujarat Sahitya Academy for the year 2022 from Motivational Strips . A gold medal from world union of poets France & winner Of Rahim Karims world literary prize 2023.The government of Odisha Higher Education Department appointed him as a president to Governing body of Padmashree Dr Ghanashyam Mishra Sanskrit Degree College, Kabisurjyanagar.Winner of ” HYPERPOEM ” GUNIESS WORLD RECORD 2023.Recently he was awarded from SABDA literary Festival at Assam.Highest literary honour from Peru contributing world literature 2024.Prestigious Cesar Vellejo award 2024 & Highest literary honour from Peru.Director at Samrat Educational charitable Trust Berhampur, Ganjam Odisha.Vicedomini of world union of poets Italy. UHE awarded him prestigious Golden Eagle award for the contribution of world literature 2025.Completed 256 Epistolary poetry with Kristy Raines U SA..Bharat Seva Ratna National award 2025,International Glory award from Manam Foundation Hyderabad Telengana. On the eve of 79 Independence day got Rashtra Ratna award & Maa Bharati seva Sammana. 2025.Received Doctorate in Humanity and literature from Theophany university Haiti with UNESCO, AEADO and leaders of autonomy international. The prince of crimea and the Golden Horde from the house of Genghis Khan given prestigious “Honorary Bey”Received Sahitya Ratnakar from New Delhi 2025, Honorary Doctorate from RMF University collaborated with east and west university Florida United States Of America on the eve of International peace Day.Prestigious THE CONDOR OF ANDES from UHE Mexico 2025.INTERNATIONAL BOOKS1.Psalm of the Soul.2.Rise of New Dawn.3.secret Of Torment.4.Everything I never told you.5.Vision Of Life National Library Kolkata.6.100 Shadows of Dream.7.Timeless Anguish.8.Voice of Silence.9.I cross my heart from east to west . Epistolary poetry with Kristy Raines published in USA..
National University of Uzbekistan Faculty of Foreign Languages and Philology Department of Philology and Language Teaching (English) Student of Group 2505, Ruziyeva Sitora Odil qizi
Annotatsiya: Bugungi globallashuv davrida ingliz tili faqatgina oddiy muloqot vositasi emas, balki butun dunyoni bog‘lovchi tilga aylangan. Ushbu maqolada ingliz tilining dunyo tili sifatida shakllanish sabablari, uning tarixiy ildizlari hamda sabablari, uning tarixiy ildizlari hamda zamonaviy jamiyatdagi o‘rni yoritilgan. Aynan shu til orqali xalqlar o’rtasida bilim almashinuvi, madaniy yaqinlashuv va xalqaro hamkorlik ishlari amalga oshirilmoqda.
Kalit so‘zlar: ingliz tili, globallashuv, dunyo tili, xalqaro muloqot.
Abstract: In today’s era of globalization, the English language is not merely a simple means of communication, but has become a language that connects the entire world. This article examines the reasons behind the formation of English as a global language, its historical roots, and its role in modern society. Through this language, the exchange of knowledge between nations, cultural rapprochement, and international cooperation are actively carried out.
Keywords: English language, globalization, global language, international communication, cultural integration.
Аннотатция: В современную эпоху глобализации английский язык является не просто средством повседневного общения, но и превратился в язык, объединяющий весь мир. В данной статье освещаются причины формирования английского языка как мирового языка, его исторические корни, а также его роль в современном обществе. Именно через этот язык осуществляется обмен знаниями между народами, культурное сближение и развитие международного сотрудничества.
Ключивие слова: глобализация, английский язык, мировой язык, международное общение, культурный обмен
Introduction. In today’s rapidly developing era of globalization, languages play a crucial and leading role in communication among people. Among them, the English language holds a special place and is currently used as the primary means of international communication in many countries around the world. According to statistical data, the number of English speakers has exceeded 1.5 billion, making it one of the most widely spoken languages globally. The use of English as one of the main working languages in major international organizations such as the United Nations, the European Union, and the World Trade Organization clearly demonstrates its global significance. Moreover, a large proportion of contemporary scientific publications, modern technological developments, and internet content are produced in English.
The renowned linguist David Crystal, discussing the English language, states that “the language associated with powerful political and economic centers is the one that achieves global leadership.” In addition, the relatively simple structure, flexibility, and ease of learning of the English language have made it more accessible compared to many other languages.
In Uzbek literature, the power and importance of language have also been strongly emphasized. The great thinker Alisher Navoi promoted the idea that “respect for language is respect for the nation,” viewing language as the most valuable asset of a people. Today, learning English serves as an important tool for acquiring knowledge, understanding the world, and developing intercultural communication. Indeed, learning and knowing languages is never a burden for individuals; the more languages a person knows, the broader their worldview becomes.
Review of the Literature
Crystal, David (2003). In English as a Global Language, the author states that the emergence of English as a global language was mainly influenced by the political and economic dominance of the British Empire and the United States.
McCrum, Robert (2003). In The Story of English, McCrum explains that the adaptability of the English language and its ability to quickly adopt new words played a key role in its development as a global language.
Ethnologue Research (2022). According to Ethnologue, English is spoken by approximately 1.4 billion people worldwide as either a native or a second language.
UNESCO Reports. UNESCO reports indicate that 60–70 percent of scientific articles are published in English, which highlights the leading position of English in the field of science.
Graddol, David (2006). In his work English Next, Graddol demonstrates with evidence that English holds a dominant position as the language of the internet, technology, and international education.
Research Methodology
This study is aimed at scientifically examining the process through which the English language has developed into a global language, its historical roots, and its role in society on a global scale. In the course of the research, a theoretical and analytical method was employed. Through this method, scholarly literature on the formation of English as a global language, the views of linguists, and contemporary research findings were thoroughly analyzed.
In addition, a sociolinguistic approach was used to investigate the functional roles of English in modern society, including its use in international communication, science, education, cultural exchange, and information technology. This approach serves to demonstrate that English functions as an important tool for the exchange of knowledge and mutual understanding among different nations and cultures.
The study also applies a comparative method, through which English is compared with other widely spoken languages. This allows for a scientific examination of the simplicity, adaptability, and rapid global acquisition of the English language.
As the methodological foundation of the research, theories concerning the close relationship between language and society were taken into account, along with ideas found in Uzbek literature regarding the role of language in the life of a nation and its culture. In particular, the concept of respect for language put forward by the great writer Alisher Navoi is considered an important theoretical perspective for understanding the significance of the English language in the modern world.
Analysis and Results
The results of the analysis indicate the following:
The English language has become firmly established as a global means of communication through political and economic influence on a worldwide scale.
The dominance of English in the fields of science, technology, and business has positioned it as an essential international tool.
The spread of the English language through culture and media plays a significant role in shaping global social and cultural dynamics.
As a result, English is used not only as an official international language but also as a universal means of communication across numerous fields.
Conclusion
This article examined the status of the English language as a global language. Today, English is considered one of the most important languages on a global scale, as it facilitates effective communication in the fields of international interaction, science, education, and technology. Learning English is a key factor in personal development, professional growth, and competitiveness in the global arena. The research focused on identifying the problem of the global spread of English and the factors contributing to it.
The results of the analysis indicate that political and economic power, dominance in science and technology, as well as dissemination through culture and media have significantly contributed to the formation of English as an international means of communication. On this basis, it has been confirmed that English is not only effective in international communication but also serves as a practical and efficient tool across various fields.
Furthermore, the widespread global use of English continues to strengthen its position worldwide. The rapid development of information technologies, the expansion of international education programs, and the growing demand for highly qualified professionals in the global labor market have made proficiency in English a necessity. From this perspective, mastering the English language plays an important role in broadening the worldview of the younger generation and shaping them into competitive specialists who meet the demands of the modern world. Therefore, the scientific study of the factors that reinforce the status of English as a global language remains a relevant and essential task today.
References
Jalolov, J. J. (2012). Methodology of Teaching Foreign Languages. Tashkent: O‘qituvchi Publishing House, pp. 45–47.
Iriskhulov, M. T. (2009). Introduction to Linguistics. Tashkent: Fan Publishing House, pp. 112–114.
Turakulov, A. (2015). The Importance of Learning the English Language. Tashkent: Ma’naviyat Publishing House, pp. 27–29.
Rahmatullayev, Sh. (2010). Fundamentals of Modern Linguistics. Tashkent: University Publishing House, pp. 89–91.
Khudayberganova, D. (2018). Language and Society. Tashkent: Academic Publishing House, pp. 63–65.
Yuldashev, B. (2016). Language and Speech Culture. Tashkent: O‘qituvchi Publishing House, pp. 18–21.
Public External Debt and Macroeconomic Stability in Uzbekistan: A Review and Descriptive Analysis
Abstract: This article examines the evolution of public external debt in the Republic of Uzbekistan from 2015 to 2024, analyzing its pivotal role in the country’s transition from an autarkic, state-led model to an open market economy. The study posits that while the nominal stock of public debt surged following the 2017 exchange rate liberalization and subsequent investment boom, the debt-to-GDP ratio has stabilized within sustainable thresholds due to robust nominal GDP growth and prudent fiscal management (IMF, 2025).
Through a descriptive analysis of the evolving institutional framework, the research highlights the significance of the 2023 Law on State Debt and the maintenance of substantial international reserves in mitigating solvency risks (Ministry of Justice, 2023). However, the analysis also identifies persistent structural vulnerabilities, specifically the high degree of foreign currency denomination and contingent liabilities arising from State-Owned Enterprises (SOEs). Ultimately, the research concludes that public debt served as a critical macroeconomic stabilizer during external shocks, positioning Uzbekistan for a phase of fiscal consolidation and deeper domestic market development.
INTRODUCTION The economic trajectory of the Republic of Uzbekistan over the decade spanning 2015 to 2024 represents a paradigmatic case of a transition economy navigating the complex shift from a closed, import-substituting model to an open, export-oriented system. Central to this transformation has been the strategic utilization of public external debt. Historically characterized by low external leverage and strict capital controls, Uzbekistan initiated a profound structural reform agenda in 2017 that fundamentally altered its relationship with international capital markets.
The subject of public debt in Uzbekistan is of particular academic and policy relevance due to the speed of its accumulation following the liberalization of the foreign exchange market and the unique “high reserves, moderate debt” profile the country has maintained. Unlike many developing economies that accumulate debt due to fiscal profligacy or terms-of-trade shocks, Uzbekistan’s debt trajectory was a deliberate policy choice driven by an “investment hunger” to modernize aging infrastructure and industrial capacity (Urmonov, 2019). The period under review captures three distinct phases: the pre-reform era of repressed financial engagement (2015–2016), the liberalization shock and subsequent investment boom (2017–2020), and the era of consolidation and resilience amidst global poly-crises (2021–2024).
This analysis argues that while the nominal stock of public external debt has increased significantly—driven initially by statistical revaluation following the 2017 devaluation and subsequently by investment drives—the debt burden remains within sustainable thresholds. This sustainability is underpinned by a robust institutional framework and substantial external buffers in the form of gold and foreign exchange reserves. However, the report also emphasizes that the high dollarization of the debt portfolio leaves the fiscal balance exposed to exchange rate shocks, necessitating continued development of the domestic securities market.
LITERATURE REVIEW The relationship between public external debt and economic growth in Uzbekistan has become a focal point of academic inquiry following the liberalization reforms. The literature has evolved from general discussions of transition dynamics to rigorous empirical testing of debt thresholds and transmission channels.
Theoretical literature on transition economies typically fluctuates between the Keynesian view, where debt stimulates aggregate demand and funds critical infrastructure, and the Neoclassical view, where high debt crowds out private investment and equates to future taxes. In the specific context of Uzbekistan, scholars such as Urmonov (2019) have argued that in the initial phases of transition, external debt serves as a necessary substitute for limited domestic savings, which are essential for funding capital-intensive projects in energy, water supply, and transport infrastructure.
However, empirical findings regarding the impact of this debt on growth are mixed. Allakuliev (2022), investigating the 2010–2020 period, found a significant negative relationship between external debt and economic growth. His error correction model suggested that a 1% increase in external debt could lead to a 0.24% decrease in GDP growth, supporting the crowding-out hypothesis where debt service obligations divert resources from productive social investment.
Conversely, Sanakulova and Jamolov (2023) argue that diversifying debt instruments is critical for financial security, suggesting that the impact depends heavily on the efficiency of the funded projects rather than the volume of debt alone. Ganiyev (2022) further nuances this by indicating that while short-term impacts of liquidity injections are positive, long-term impacts turn negative if funds are not channeled into high-return sectors.
Institutional Framework and Risk Management. A distinct strand of literature focuses on the institutional mechanisms of debt management. Abdurakhmonov and Akramov (2020) were among the first to flag the rapid accumulation of debt post-2016, warning that while the debt-to-GDP ratio appeared moderate, the structural reliance on foreign currency borrowing posed significant exchange rate risks. Ahmedov (2021) expanded on this by emphasizing the necessity of institutional reforms, specifically the creation of an independent Debt Management Office (DMO) and the enhancement of transparency to mitigate the risks associated with State-Owned Enterprises (SOEs). These scholars collectively argue that Uzbekistan has reached a maturity stage where the focus must shift from access to risk mitigation.
METHODOLOGY Macroeconomic Context (2015-2024). To comprehensively analyze public debt dynamics, one must first situate these financial flows within the broader macroeconomic environment. The transition from a closed economic model to one integrated with global finance dictated the necessity and the capacity for external borrowing.
From Stagnation to Liberalization (2015-2017): Prior to the structural reforms of 2017, Uzbekistan’s macroeconomic framework was defined by a highly centralized command-and-control system. During 2015 and 2016, the economy operated under a dual exchange rate regime and strict capital controls. In 2016, the total external debt stock was recorded at approximately $14.7 billion, with public debt constituting a mere 6.0% of GDP (World Bank, 2019). This low leverage was not an indicator of financial robustness but rather a symptom of financial repression. The pivotal moment was the unification of the exchange rate in September 2017. The government allowed the Uzbek soum (UZS) to depreciate by approximately 50% to align the official rate with the market rate. This devaluation had an immediate, mechanical impact on debt statistics: the local currency value of foreign-denominated debt nearly doubled, causing the debt-to-GDP ratio to spike from ~6% to ~19% overnight (IMF, 2018). This statistical adjustment revealed the true leverage of the sovereign, which had previously been understated by the overvalued official exchange rate.
Investment Boom and Crisis Resilience (2018-2024): Following liberalization, the government launched the “New Uzbekistan” development strategy, characterized by a massive public investment drive. Given the shallowness of the domestic capital market, external borrowing became the primary financing mechanism for upgrading energy generation and transportation networks. The global COVID-19 pandemic in 2020 necessitated a shift in borrowing focus from infrastructure to counter-cyclical budget support. Despite the global recession, Uzbekistan was one of the few economies to maintain positive growth in 2020 (1.6%). This resilience was purchased, in part, through increased external leverage, with total Public and Publicly Guaranteed (PPG) debt rising to 34% of GDP by the end of 2020 (IMF, 2024).
From 2021 to 2024, the economy demonstrated further resilience to geopolitical shocks, specifically the war in Ukraine. Contrary to negative forecasts, Uzbekistan benefited from the relocation of capital and labor, with real GDP growing by over 6.0% annually in 2022, 2023, and 2024 (Central Bank of Uzbekistan, 2025). During this period, the government began to pivot toward fiscal consolidation, reducing the consolidated deficit to 3.2% of GDP in 2024 (IMF, 2025).
Figure 1: Selected Macroeconomic Indicators Indicator 2016 2020 2022 2023 2024 Real GDP Growth (%)
5.9 1.6 6.0 6.3 6.5
Inflation (CPI, avg, %)
8.0 12.9 11.4 10.0 9.6
Current Account (% GDP)
0.8 -5.0 -3.5 -8.6 -5.0
Fiscal Balance (% GDP)
1.4 -3.4 -3.5 -4.9 -3.2
Total Ext. Debt ($ bn)
14.7 34.0 44.9 53.6 64.1
Sources: Central Bank of Uzbekistan (2025); IMF (2024); World Bank (2024).
Evolution of Public External Debt Stock: While nominal figures show a steep upward trajectory, debt-to-GDP ratios indicate stabilization, highlighting the importance of the denominator effect (GDP growth) in maintaining sustainability.
Total external debt (public and private) expanded to $64.1 billion by 2024 (Central Bank of Uzbekistan, 2025). However, it is critical to focus on Public and Publicly Guaranteed (PPG) debt, which stabilized around 30–32% of GDP after a rapid rise between 2017 and 2020. This stabilization was achieved despite new borrowing, thanks to high nominal GDP growth driven by both real economic expansion and the GDP deflator (inflation).
Uzbekistan’s creditor profile has diversified significantly: Multilateral Creditors: Multilateral institutions remain the bedrock of Uzbekistan’s external financing. As of end-2024, multilateral creditors held approximately 52% of total PPG debt.7 The Asian Development Bank (ADB) and the World Bank group are the largest individual creditors. These loans are typically characterized by long maturities and favorable interest rates, deployed primarily for large-scale infrastructure projects in agriculture, water management, and energy.
Bilateral Creditors: Bilateral debt accounts for roughly 26% of the PPG portfolio.7 The People’s Republic of China (via China Eximbank and China Development Bank) and Japan (via JICA) are the dominant bilateral lenders.15 Financing from these sources is often tied to specific investment projects involving technology imports from the creditor nations, particularly in the energy and chemical sectors.
Commercial Creditors and Eurobonds: A defining feature of the 2019-2024 period was the emergence of commercial debt, primarily in the form of sovereign Eurobonds. Commercial debt grew from zero prior to 2019 to constitute roughly 13% of the total PPG debt by 2024.7 This shift signifies Uzbekistan’s transition from a pure aid-recipient status to an emerging market issuer, capable of attracting private global capital.
Figure 2. Republic of Uzbekistan: 2025 Article IV Consultation-Press Release; and Staff Report; IMF Country Report No. 25/143; May 29, 2025
A persistent structural vulnerability is the high degree of foreign currency denomination. As of late 2023, approximately 93.1% of public debt was denominated in foreign currencies, with the US Dollar accounting for ~60% (Ministry of Economy and Finance, 2023). This “Original Sin” exposes the sovereign balance sheet to exchange rate shocks; a depreciation of the soum immediately increases the debt service burden in local currency terms.
Sovereign Eurobond Issuances have been a critical tool for diversifying funding and establishing a benchmark yield curve. Market Entry (2019): Uzbekistan debuted in international capital markets in February 2019 with a dual-tranche issuance totaling $1 billion. This established the initial credit spread and allowed state-owned banks to access foreign capital (Cbonds, 2025). $500 million, 5-year maturity, yield of 4.75%.
$500 million, 10-year maturity, yield of 5.375%. This issuance established the initial credit spread for Uzbekistan and allowed state-owned banks and corporations to subsequently access international markets using the sovereign curve as a reference.
Local Currency Innovation (2020): In November 2020, Uzbekistan became the first CIS nation to issue a local currency (UZS) sovereign bond in international markets (a “Samurai” structure). This issuance of 2 trillion UZS (~$200 million) was a strategic move to transfer exchange rate risk to international investors (UNDP, 2022).
The ESG Pivot (2021–2024): Uzbekistan positioned itself as a regional leader in ESG financing by issuing the region’s first Sustainable Development Goals (SDG) Bond in July 2021. This was followed by Green Bonds in October 2023 and May 2024. Proceeds from these bonds are strictly allocated to projects like water management, green transportation, and social infrastructure, audited by third parties like Sustainalytics (Ministry of Economy and Finance, 2022; UNDP, 2022).
Figure 3: Summary of Major Sovereign Eurobond Issuances (2019-2024) Issuance Date
Currency Amount (Millions)
Tenor (Years)
Yield/Co upon (%)
Bond Type Feb 2019 USD 500 5 4.75% Conventional Feb 2019 USD 500 10 5.375% Conventional
Nov 2020 USD 555 10 3.70% Conventional
Nov 2020 UZS 2,000,000 (UZS)
3 14.50% Local Currency
July 2021 USD/UZS ~870 (Equiv)
Mixed Various SDG Bond
Oct 2023 USD/UZS ~660 (Equiv)
Mixed Various Green Bond May 2024 USD 500 7 6.95% Conventional May 2024 EUR 500 4 5.10% Green Bond
May 2024 UZS 6,000,000 (UZS)
3 15.50% Local Currency Joint World Bank-IMF Debt Sustainability Analysis, accessed December 27, 2025
RESULTS Institutional and Legal Framework: The rapid accumulation of debt required a parallel evolution in the institutional architecture of debt management. The Law on State Debt (ZRU-836), adopted on April 29, 2023, the Law of the Republic of Uzbekistan “On State Debt” (No. ZRU-836) codified fiscal rules that previously existed only in annual budget resolutions. Key provisions include:
The 60% Ceiling: A hard statutory cap on PPG debt at 60% of GDP. The 50% Trigger Mechanism: A mandatory “brake” mechanism requiring the Cabinet of Ministers to submit proposals to Parliament if debt exceeds 50% of GDP.
Centralization: The Ministry of Economy and Finance is designated as the sole authorized body for state borrowing, reducing fragmentation and tightening control over contingent liabilities (Ministry of Justice, 2023).
According to the Joint World Bank-IMF Debt Sustainability Framework for Low-Income Countries (LIC-DSF), Uzbekistan consistently maintains a Low risk of debt distress (IMF, 2025). Solvency and Liquidity: The country’s debt-carrying capacity is rated as Strong, largely due to its fortress balance sheet. International reserves covered more than 10 months of imports as of 2024/2025. The Gold Hedge: Gold constitutes roughly 80% of international reserves. This acts as a natural hedge; during times of geopolitical stress when borrowing costs might rise, gold prices typically appreciate, strengthening Uzbekistan’s balance sheet (S&P Global Ratings, 2025).
Stress Tests: The primary risks identified in stress tests are export shocks (given the reliance on commodities like gold and copper) and contingent liabilities from SOEs. The IMF models scenarios where the government assumes SOE debt equivalent to 2–5% of GDP, finding that debt remains sustainable even under such shocks (IMF, 2024).
CONCLUSION Between 2015 and 2024, Uzbekistan successfully navigated the complex transition from a debt-averse, closed economy to a moderately indebted, open economy integrated into global capital markets. The accumulation of public external debt during this period was not a symptom of fiscal distress, but a deliberate instrument of statecraft used to finance the structural modernization of the economy. The descriptive analysis supports the conclusion that the rapid growth in debt stock was largely an arithmetic consequence of exchange rate unification and a strategic response to the country’s “investment hunger.”
The resulting debt burden remains sustainable, anchored by the Law on State Debt, a credible Medium-Term Debt Management Strategy, and—crucially—a fortress balance sheet of international reserves heavily weighted in gold.
For macroeconomic stability, the evidence suggests that public debt has acted as a stabilizer. It enabled the government to maintain growth during the COVID-19 pandemic through counter-cyclical spending and allowed for the financing of critical infrastructure without depleting domestic savings. The high dollarization of the debt portfolio leaves the fiscal balance exposed to exchange rate shocks, and the large footprint of SOEs creates significant contingent liabilities.
As Uzbekistan moves beyond 2024, the focus of debt policy is shifting from access to consolidation. The challenge for the next decade will be to deepen domestic capital markets to reduce FX risk and to foster private sector growth that can replace state-led borrowing as the primary engine of development. The successful issuance of local currency bonds in international markets and the adherence to the 60% debt ceiling suggest that the authorities are well-positioned to manage these challenges, maintaining Uzbekistan’s reputation as a prudent borrower in the emerging market landscape.
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