By Mamatkulova Mukhlisa
Tg:@mamatkulova_mukhlisa
Uzbekistan, Samarkand.

The Double-Edged Sword: Microfinance and Its Global Economic Impact

Smart Money for Small Business: Navigating the Microfinance Frontier.

For decades, the global financial system operated as a closed club, excluding nearly 1.7 billion unbanked adults who lived on less than $2 a day. Microfinance emerged as a revolutionary tool to fix this market failure, aiming to unleash the productive capacities of the poor through modest loans, savings, and insurance. In 2026, this sector has evolved from a narrow focus on “entrepreneurial finance” to a broader “household finance” model, providing vital liquidity for
small shops and medical expenses. Currently, the market is on a high-growth trajectory, valued at $266.13 Billion in 2026 and projected to reach $406.39 Billion by 2030.”

The Economic Benefits: Catalyzing Growth from the Bottom Up
Microfinance acts as a powerful growth accelerator at the local level by targeting those traditionally excluded due to a lack of collateral.

1) Poverty Alleviation & Income Growth: Studies indicate that households with access to microfinance see an average income gain of 15–25% compared to those without. In countries like Bangladesh, microfinance has contributed to 8.9% to 11.9% of national GDP in recent years. The global microfinance market is projected to grow to $266.13 billion by the end of 2026. This represents a CAGR (Compound Annual Growth Rate) of 11.2%, which is significantly higher than the global average GDP growth of 3.3% reported by the IMF for 2026.

2)Empowering Women: Approximately 80% of microfinance clients are women. Empowering women yields undeniable returns; evidence shows that children of female borrowers are less likely to experience illness or illiteracy, as mothers prioritize education and healthcare spending. Reliable 2025/2026 data shows that women maintain an average repayment rate of 96%, compared to 91% for men, making them the most ‘bankable’ demographic in the microfinance frontier

3)Building Resilience: Beyond loans, micro-savings and micro-insurance act as “safety mechanisms,” preventing families from slipping back into poverty when hit by unexpected shocks like
droughts or illnesses. As of 2026, these micro-insurance mechanisms cover over 344 million people globally, representing a 70% increase in just three years. This is critical because, without
insurance, a single climate shock like a drought can slash a small farmer’s annual income by 15% to 18% instantly, creating a debt trap that lasts for generations.

The Structural Weaknesses: When “Smart Money” Fails

Despite its successes, the microfinance model faces significant criticisms and operational hurdles.

1)The Burden of High Interest Rates: Microfinance loans often carry high interest rates—weighted averages for some products in late 2025 reached 24.13%, with maximums near 30%. These high
rates are driven by the massive operational costs of delivering small loans to remote areas, but they can be perceived as exploitative. Specifically, these high rates are a byproduct of Operating Expense
Ratios (OER) that average 15.8% to 19.2% for rural MFIs. In finance terms, the administrative cost of processing a $100 loan is nearly the same as a $10,000 loan, creating an inherent diseconomy of
scale for micro-lenders

2)The Trap of Over-Indebtedness: Critics argue that without proper regulation, borrowers can accumulate interest over long periods, leading to a “strangle-hold of debt”. This phenomenon, known
as ‘Loan Cycling,’ is a systemic risk; 2026 market data indicates that in saturated regions, up to 14% of borrowers now hold three or more active loans simultaneously. This pushes the Portfolio at Risk (PAR 30)—the industry standard for measuring defaults—above the critical 5.5% threshold, signaling a credit bubble. In some cases, poverty itself drives individuals to take loans they cannot repay, potentially escalating poverty levels in the long run.

3)Regulatory & Political Risk: Governments often intervene with interest rates ceilings to protect the poor, which can inadvertently cause markets to contract as lenders retreat from high-risk rural areas. Recent legislation, like the Bihar MFI Bill 2026 in India, has introduced tighter oversight and caps, causing immediate market volatility for major lenders.

Historical Precedent: As shown in this data from the Asian Development Bank, when strict interest rate caps
are introduced (black line), borrower outreach often plateaus as the diseconomy of scale makes small-ticket lending unsustainable for MFIs.

THIRTY-ONE LIGHTS: THE VIRTUOUS WOMAN OF STRENGTH AND GRACE 

Author: H.E. Prof. Amb. Rev. Dr. Jitender Singh, India

She walks in dignity, her character shining bright,

More precious than jewels, a treasure of living light.

Trust rests upon her wherever she may stand,

Truth and sincerity gently guide her hand.

With skillful hands she labors, faithful in every way,

Through patience and wisdom she brightens each day.

She guards her duties with thoughtful care,

Planting seeds of goodness everywhere.

Strength and health uphold the path she takes,

Joy in her labor a brighter future makes.

Alert in spirit, with insight deep and clear,

Her wisdom removes confusion and fear.

Her kindness reaches the helpless and poor,

Compassion becomes an ever-open door.

Brave in her spirit with vision that sees afar,

Grace in simplicity shines like a star.

Her values and culture bring honor and respect,

A life of virtue the world reflects.

Through diligence and honesty her works arise,

Integrity shining before many eyes.

Hope fills her spirit through darkness and light,

Discernment guiding the path that is right.

Gentle in speech yet steadfast in stand,

Understanding life with a compassionate hand.

Energetic in service, devoted and wise,

A faithful mother whose love never dies.

Her household rises with gratitude and praise,

For love and wisdom crown her days.

She reveres the Creator with humble delight,

Walking by faith and living in light.

Success follows virtue wherever she goes,

Her deeds speak louder than anyone knows.

And when history remembers the pillars of grace,

Her courage and kindness will hold their place.

For the world moves forward on quiet unseen art—

The strength of a woman, the light of her heart.

Let nations remember, let generations see:

Where women rise with honor, humanity walks free.

© 2026 H.E. Prof. Amb. Rev. Dr. Jitender Singh, India

All Rights Reserved

Written on the Occasion of International Women’s Day – March 8

Too Much Love

All day I have tried to get the cat to sit on me.

And finally just as I am about to finish a movie

and stand up, she does, and so does the dog.

She is beautiful and fluffy and purrs

her warmth into my hand.

It is a lot of warmth. The dog is also warm.

My temperature spikes. I have to pee.

My nose is running and I have no Kleenex.

We all believe we want love and endless love

but it is too much, my body cannot bear it,

the weight of floof and love.

THE IMPORTANCE AND PRACTICAL APPLICATION OF ARTIFICIAL INTELLIGENCE TECHNOLOGIES IN MEDICINE

O‘roqova Nargiza Sherali qizi

First-year student, Group 102-A

Faculty of General Medicine

Tashkent Medical Academy

ABSTRACT

This article analyzes the role of artificial intelligence technologies in the medical field and their application in diagnosis, treatment, and prevention from a scientific and theoretical perspective. The importance of artificial intelligence–based systems in early disease detection, the development of personalized treatment plans, and the improvement of healthcare system efficiency is highlighted. In addition, the challenges of implementing artificial intelligence in medicine and its future development directions are discussed.

Keywords: artificial intelligence, medicine, diagnostics, personalized treatment, telemedicine, digital healthcare.

INTRODUCTION

Modern medicine cannot develop without information technologies. In recent years, the rapid development of artificial intelligence technologies has led to the emergence of new approaches in the healthcare system. The need to process and analyze large volumes of medical data requires the use of artificial intelligence. Therefore, artificial intelligence is becoming an important factor in improving diagnostic accuracy and treatment effectiveness in medicine.

MAIN PART

1. The Concept of Artificial Intelligence and the Foundations of Its Application in Medicine

Artificial intelligence is the ability of computer systems to model analytical thinking, learning, and decision-making processes characteristic of human intelligence. In medicine, it is used to support clinical decision-making, create analytical forecasts, and develop automated monitoring systems.

2. Artificial Intelligence in Diagnostic Processes

The analysis of medical images is one of the most effective areas of artificial intelligence application. Based on radiological and tomographic data, AI can:

detect pathological changes;

assess the stage of disease progression;

reduce diagnostic errors.

This is especially important in fields such as oncology and cardiology.

3. AI Capabilities in Personalized Treatment

Artificial intelligence makes it possible to develop treatment strategies by considering the individual characteristics of each patient. Based on laboratory indicators, genetic information, and clinical signs, it becomes possible to:

select appropriate medications;

determine the optimal dosage;

predict possible side effects in advance.

4. Artificial Intelligence in the Pharmaceutical Industry

During the process of drug development, artificial intelligence performs molecular-level analyses and shortens the time required to identify new medications. As a result, the efficiency of clinical trials increases and drug development costs decrease.

5. Telemedicine and Remote Medical Monitoring

Remote monitoring systems powered by artificial intelligence track patients’ vital indicators in real time. This helps provide early warnings and prevent complications in chronic diseases.

The Use of Artificial Intelligence in Diagnostics

Radiology is currently one of the most widely used areas of artificial intelligence in medicine. For example, the Google DeepMind Health system has demonstrated higher accuracy than physicians in detecting lung cancer and retinal diseases at early stages by analyzing MRI and X-ray images.

Artificial intelligence analyzes imaging data such as X-ray, CT, MRI, and ultrasound to help detect tumors (cancer), cardiovascular diseases, and lung diseases (such as pneumonia and tuberculosis) at early stages. In some cases, AI can identify minor changes more accurately than doctors.

Moreover, AI also contributes to the evaluation of laboratory analyses. By comparing blood, urine, and other biological test results, it helps detect diseases such as infections, diabetes, and hormonal disorders.

Advantages of Artificial Intelligence in Medicine

Artificial intelligence increases the speed and accuracy of diagnosis and enables early detection of diseases by minimizing the influence of human error. It proposes individualized treatment by considering the patient’s age, gender, genetic condition, and medical history. It also improves access to healthcare services in remote regions.

In addition, AI can predict diseases in advance, identify patients in high-risk groups, enable timely preventive measures, and even forecast epidemics.

Risks of Artificial Intelligence in Medicine

Although artificial intelligence has many advantages, it also has certain risks. In particular, it may reduce direct communication between doctors and patients. Furthermore, incorrect algorithms may lead to incorrect diagnoses. In such cases, the question arises: who is responsible for the misdiagnosis?

Artificial intelligence provides answers based on the information available in its database. Currently, data resources in languages such as English, Chinese, and Spanish are extremely rich, which allows AI systems to analyze patient symptoms more accurately in those languages. In other languages, however, there may still be certain limitations.

CONCLUSION

The introduction of artificial intelligence technologies into medicine is taking the healthcare system to a new stage of development. It serves as a supportive tool that complements physicians’ work and makes diagnostic and treatment processes more efficient.

Artificial intelligence has also brought major changes to the field of medical diagnostics. It accelerates the diagnostic process, increases accuracy, and significantly improves the efficiency of the healthcare system. However, artificial intelligence should remain a supportive tool, and the final decision must always be made by a qualified physician.

REFERENCES

Topol E.J. Deep Medicine: How Artificial Intelligence Can Make Healthcare Human Again. Basic Books, 2019.

World Health Organization (WHO). Ethics and Governance of Artificial Intelligence for Health. Geneva, 2021.

Rajkomar A., Dean J., Kohane I.S. Machine learning in medicine. New England Journal of Medicine, 2019; 380: 1347–1358.

Esteva A., Kuprel B., Novoa R.A., et al. Dermatologist-level classification of skin cancer with deep neural networks. Nature, 2017; 542: 115–118.

Yu K.H., Beam A.L., Kohane I.S. Artificial intelligence in healthcare. Nature Biomedical Engineering, 2018; 2: 719–731.

Zenodo.org – The Role and Importance of Artificial Intelligence in Medicine.

Kun.uz – The Benefits and Risks of Artificial Intelligence in Medicine.

O‘roqova Nargiza was born on March 26, 2001, in Ishtikhon district of the Samarkand region. She is currently a first-year grant student at Tashkent Medical University.

In the 2024–2025 academic year, she works as a biology teacher at School No. 33 in Ishtikhon district of the Samarkand region.

She graduated from the Faculty of Biology at Jizzakh State Pedagogical University in the 2020–2024 academic years.

She has an excellent command of English, Russian, Arabic, and Turkish languages.

Señor Despaïr 
Against a Hopeless Time
A Poem by Christopher Bernard

3. The Angel

I waited for the old man
to answer, but all I heard was waves,
suddenly distant, as though withdrawing with 
    the tide.
Then I saw a dim glow above the horizon
and watched as it grew stronger, felt my shadow
deepen with the appearance of the light.
The sky grew dull and stretched with cloud ribbons
and flattened out. The sea looked like pewter. 
Then an edge of startling brightness 
appeared beneath the scrambled glow,
and the sun edged upward, red and gold.

I turned to look at the old man,
but there was no one there. I was alone on the beach.
Had he walked away in disgust at my last speech?
Had he given up on someone so incorrigibly naive?
Had he even been there at all? No, he’d been there,
of that I was sure. Perhaps he had thrown himself
back into the sea from which he had come.
I watched as the sun rose like a head or like an eye
staring across a world that was all sky.

And a form broke from the sun and the far 
calling of the waves. Nebulous as fog or cloud, 
it seemed to step toward me over sand
brilliant and slippery as glass,
and I saw behind it a throng
of brilliant, smiling – were they angels? –
misty and fragrant as the breeze
that lifted from the sea.
The glowing form seemed to speak,
and it was the voice inside me,
bright and soft as an angel’s,
or as I would imagine an angel’s.

“Know this,” it spoke, as if close to my ear,
almost a whisper, and I strained to hear.

“Know this: we are perpetual creation.
Know this: we are the infinite world.
Time wee enter to work out the possible,
which knows no end and no beginning.
Know this: your task on earth
is to build possibility.
Know this: we are nature, 
nature is ourselves.
Just as you are nature, 
nature is you. 
You are our hands and eyes
as we are yours in all that is.
The power of evil and good
is in your eyes and hands.
The ultimately beautiful is the ultimately real. 
Know this: You are free. So: choose.”

And the smile of the diaphonous glowing figure
burned my face.

Suddenly the throng of angels, 
and the sea and the shore and the sky 
rang, like all the bells in all the cities
of the earth.

Though how could that be? How could any of this 
    be?

And I was surrounded by the flocking and singing of
    many birds.
And the waves glittered before me,
and I heard enchanting laughter.
And the air smelled of shells and brine and roses
and smoke, perfume, wine, and brandy and
     apples.
And a crab made mock with a clam, and a blade of
    grass
traced in the dunes the outline of the loveliest of girls
to the dip of a breeze and a turn of a sun ray. And a
    falcon 
traded mysteries with a dove. And wind 
swept up the sand in a glory of wind devils
swirling in shapes of Carmen, Venus, Tamara, 
formed in a moment, in the next cast back 
to sand and wind. And whiteness throned in clouds
    above,

and wind and galleons moved across the blueness
    like a sea,
a moment hoped for, lost, here, once, forever.

And the sun as it rose opened and filled the sky
for a moment that passed like a breath
with a beauty that was infinite 
and a love that was for all time.

_____
Christopher Bernard’s most recent collection of poems is titled The Beauty of Matter, “A Pagan’s Verses for a Mystic Idler.” Señor Despaïr will appear in book form from Real Magazine Productions, a publisher based in India, later this year.

We Haven’t Met Yet

We haven’t met yet,
We were supposed to go to war together;
Yet, you went to battle alone, becoming my very adversary.
Still, we haven’t met yet,
Because I never went to war.

A black cat blocked my path,
Facing the movement of the parrots,
I have withdrawn my weapons.
The sissoo trees have welcomed me into their fold—
Whose shadows fall even in the sun, like a drizzling rain.
There is no wailing in the sound of the wind,
Only the eternal friendship of sunlight, breeze, and leaves.
I am now with the fish, we do not have to go to war…

Even then, we are marked for slaughter…
Since we haven’t met yet,
You haven’t been able to kill me.
To destroy me, you are building heavy missiles,
Warplanes, even nuclear bombs;
While I am weaving a net of sky-blue dreams.

If we ever meet, I will give you the messages of the birds,
I will take flight with you like wild geese,
I will build nests on new islands;
If we ever meet, I will give you love.

We haven’t met yet;
You are searching for me to kill,
And I am searching for you to love.

Flight of Bones

The spell of the red flowers
in the nursery seeds planted
in World War Two Japan
in the afternoon shadow
of the Japanese Alps
in the personality shade
of a troubled family
a berating mother
sending the child to spy
on the playboy father
sexual obsession and fear
sitting side by side by
the smooth white river
stones, flowers speaking

of the war lingering
in the blackout factory
thinking of hanging
herself throwing herself
in front of a train
a shrink called her
a genius helped her
gain recognition
planning her escape
from self-obliteration
from endless revolving
in the infinity nets
the absoluteness
of reality
and unreality
a proliferation
of talking pumpkins
only to be reduced
to nothingness.

Yayoi Kusama grew up in a small mountain town west of Tokyo in a wealthy, high society family, owners of successful wholesale seed nurseries. As a child she had asthma and a partial hearing loss, and she suffered from hallucinations and periods of depersonalization. Her domineering mother forced her to spy on her father and his geishas, ripped up her artwork and tried to marry her off.

Infinity Nets

Out in the purple fields
of flowering spring
the blossoms sprung
tiny individual faces
opened pistil mouths
to her, to the child
the violets spoke
chasing her back
to her mother’s house
of anger, fighting
and a pencil, paper
the art supplies
her father gave
her only escape.

Her spirit floated
from her little body
wandering the border
between life and death
a thin curtain of gray
like a personal cloud
shadowing the  girl
the young woman
bent over body
drawing, sketching
painting, creating
in a wild fever
born of desperation
reproducing endlessly
on the conveyor belt
to infinity, net
cast over her
life, art
her creed.

Paintbrush in hand
imagination overdrive
obsessions crawling
mind and body
working herself
away from madness
on an endless highway
of fear and visions
fleeing hallucinations
seeking obliteration
following the flowers
following red thread
on the path
to freedom
allowing her
to live.

Yayoi’s art has been called feminist. It’s been labeled pathological art brut, or outsider art. She doesn’t think it fits any category. She mixes East with West, realism with surrealism, hallucinations with humor and pathos. Her work is eclectic and electric and eccentric. It is her own, unique. 

The Scandal Queen of Japan

“Ultimately, behind the impulse to fight is the simple fact that men have penises.”

Soft-sculpture figures
by the boatload
the couch load
the chair load
furniture obsessions
macaroni mannequins
overcoming fear
machine-made
naked polka dots
all the way
to her studio
across the street
her permanent residence
a psychiatric ward.

If it were not for art
I would have killed myself
a long time ago
before global fame
before legions of fans
her alter-ego pumpkin
black spots on a pier
of plastic and I’m here
but nothing
in Tokyo infinity
in mirrored rooms
dancing lights fly up
to the super-reality
to the unclothed universe
all together
in the altogether
the dissolution of self
via immersive obsessions
repetitions and intrusions
transporting us too
to another cosmos.

In the midst of the mid-century avant-garde art revolution, Kusama’s large scale paintings of nets and polka dots caught on. Critics called her work obsessional, austere, disturbing, and a tour de force. She expanded her work to include political theater, fashion design, and body art. Her clothes were sold in Bloomingdale’s, and she appeared on The Tonight Show. But in Japan she was a national disgrace and her family shamed.

Fire Burning in the Abyss

The Manhattan suicide addict
starving, suffering
the vertigo of nothingness
crawling into cold hands
no heat, no bed, no money
the downtown den of resistance
a shimmering veil across reality
fate like a chorus of violets
launching her like a moonshot
into the bright eye of acclaim
crowds at galleries, museums
drawn to her strange beauty
blending personal revelations
bare-faced self-promotions
branding the self as product
art as fiery weapon:
Go live your shining life.

Back home in Japan
the castle of shed tears
a studio down the street
from the stark white room
at the soft sculpt loony bin
in the moon dot aftermath
of obliteration
of eternity
the world’s
most successful
living artist
transcending
female Asian identity
art genres and cataloging
unnecessary boundaries
barriers and structures
dancing swarms of fireflies
fly up and out
of this universe
showing the route
to full happiness
to spending
everyday
every day
embracing red flowers.

Yayoi believed that Japan had ostracized her for her mental illness. But she returned there after 17 years in the U.S, famous and successful and so ill she chose to live in an open ward of a Tokyo mental hospital for her own safety. In the 2000s, she collaborated with several brands to share her style including polka dot Cokes and pumpkin-like BMW Minis. She continues to create at age 97 and traveling retrospectives of her work still draw massive crowds.