NOTHING IN RETURN!

You filled up my life of failure and futility

You didn’t decry my slightest deficiency

You never took away your riches from me

I hardly crowned your copious empathy

I crashed them with my abashed apathy

Yet you pour your unconditional kindness

When I crazily race ahead in utter vain

Desirous yet destitute in soul in entirety

It’s you who offer me everything I need

Never to get anything back in return

You always try to bind me with your love

I get away from your embrace once again

When I think of you I do lose you though

I see you right behind me as I look back

DON’T KNOW WHY!

I cannot either tell or keep mum

Something is burning in our hearts

Under the showery rain or hot sun

You robbed my heart at first sight

In the very confession of longing

I know not why I’m in joy and grief

I feel the night in broad day light

The dawn and the dusk are new

As I turn, your shadow appears

And my passions speak volumes

PEACE!

I would hope for things

That peace could bring

There will be no hate and war

But peace all over the world

Looking for opening new doors

Expecting no surprise

But peace of mind and harmony

Until the day is gone to horizon

A new desire will born

Life teaches both good and bad

Let evils be buried in the past

Leading our life to way of sublimity

Looking forward to embracing hope and peace

SILENCE OF THE NIGHT!

The earth under the sky hangs like a ball

Over the classic blue the night descends

And the earth falls asleep in a rush

I doubt you‘ve heard the silence of the night

That hushes so, hovering in the wind

The dense darkness does engulf our life

And its very mundanity keeps increasing

The night stays awake under the sky-blue

With our shattered dreams here and there

But our trifling hopes do keep us alive

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..

Why is English considered a Global Language?

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

1. 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.
2. 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.
3. Ethnologue Research (2022). According to Ethnologue, English is spoken by approximately 1.4 billion people worldwide as either a native or a second language.
4. 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.
5. 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:

1. The English language has become firmly established as a global means of communication through political and economic influence on a worldwide scale.
2. The dominance of English in the fields of science, technology, and business has positioned it as an essential international tool.
3. The spread of the English language through culture and media plays a significant role in shaping global social and cultural dynamics.
4. 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

1. Jalolov, J. J. (2012). Methodology of Teaching Foreign Languages. Tashkent: O‘qituvchi Publishing House, pp. 45–47.
2. Iriskhulov, M. T. (2009). Introduction to Linguistics. Tashkent: Fan Publishing House, pp. 112–114.
3. Turakulov, A. (2015). The Importance of Learning the English Language. Tashkent: Ma’naviyat Publishing House, pp. 27–29.
4. Rahmatullayev, Sh. (2010). Fundamentals of Modern Linguistics. Tashkent: University Publishing House, pp. 89–91.
5. Khudayberganova, D. (2018). Language and Society. Tashkent: Academic Publishing House, pp. 63–65.
6. 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.

References

1. Abdurakhmonov, A., & Akramov, K. (2020). Public debt dynamics in
   Uzbekistan: Challenges and opportunities. Center for Economic Research.
2. Ahmedov, I. (2021). Institutional reforms for effective public debt management in Uzbekistan. Journal of Central Asian Economics, 12(3), 45-60.
3. Allakuliev, A. (2022). The impact of external debt on economic growth in Uzbekistan. Oriental Renaissance: Innovative, educational, natural and social sciences, 2(5), 295-305.
4. Cbonds. (2025). Uzbekistan Sovereign Bond Issues 2019-2024. Retrieved from Cbonds Database.
5. Central Bank of Uzbekistan. (2025). Balance of Payments and International Investment Position: Annual Report 2024.
6. Ganiyev, D. A. (2022). The relationship between public debt and economic growth – the case of Uzbekistan. Economics and Innovative Technologies, 3/2022.
7. International Monetary Fund (IMF). (2018). Republic of Uzbekistan: 2018 Article IV Consultation. IMF Country Report No. 18/117.
8. International Monetary Fund (IMF). (2024). Republic of Uzbekistan: 2024Article IV Consultation. IMF Country Report No. 24/210.
9. Ministry of Economy and Finance of the Republic of Uzbekistan. (2022).
   Uzbekistan SDG Bond Allocation and Impact Report.
10. Ministry of Justice of the Republic of Uzbekistan. (2023). Law of the
    Republic of Uzbekistan “On State Debt” (No. ZRU-836).
11. Sanakulova, B., & Jamolov, M. (2023). Analyzing the Impact of External Debt on The Financial Security of the Country. Green Economy and Development, 1(8).
12. S&P Global Ratings. (2025). Research Update: Uzbekistan Upgraded To ‘BB’.
13. United Nations Development Programme (UNDP). (2022). Uzbekistan Development Finance Bond Impact & Allocation Report.
14. Urmonov, J. J. (2019). Investments and Infrastructure Development in Transition Economies.
15. World Bank. (2019). Uzbekistan: Joint World Bank-IMF Debt Sustainability Analysis.

INTERCULTURAL SIMILARITIES AND DIFFERENCES: ANALYSIS OF KOREAN AND UZBEK FUNERAL RITUALS

Nilufar Yoldoshova, SamDChTI, Faculty of Oriental Studies,

Department of Philology and Language Teaching (Korean),

1st year, Group 2502

Abstract:

Funeral rituals of the Korean and Uzbek peoples each possess unique cultural values and traditions of respect for the deceased. However, significant differences exist in both form and meaning. These differences are primarily shaped by Confucianism, Buddhism, and Shamanism in Korean society, and by the combination of Islam and national customs in Uzbek society. Although both cultures emphasize communal unity, deep respect for elders, and honoring the memory of the deceased, the organizational process, symbolic expression, and spiritual interpretation of funeral rituals show notable distinctions. This article explores the similarities and differences between the funeral practices of these two cultures.

Keywords: funeral ritual, funeral hall, memorial table, condolence money, mourning, coffin, shroud

Introduction

A funeral ritual is a ceremony and set of customs associated with burying the deceased. Funeral practices have evolved since the emergence of humanity, influenced by geographic environment, social life, human capabilities, scientific understanding, and worldviews. Even in the Paleolithic period, 40,000–18,000 years ago, burial rituals were performed. Over time, funeral practices became integrated with religious rituals and customs. Every culture has specific forms, rules, and procedures for funerals. Through these rituals, societies bid farewell to their members, preserve their memory, and, according to their beliefs, ensure the peace of the soul. Funerals are not only a time of grief and mourning but also an opportunity to reflect on the meaning of life and reinforce human values.

The main purposes of a funeral ritual are:

Respect for the deceased: This is the final expression of honor and reverence for the deceased.

Gathering and remembrance: Relatives and friends come together to share positive memories and bid farewell.

Compassion: To show the deceased’s close ones that they are not alone and to comfort them in their loss.

Spiritual and religious beliefs: In many religions, funeral rituals represent an important stage for the soul’s transition, purification, or return to God.

Korean Funeral Rituals

In Korean society, the funeral process is not only a farewell to the deceased but also an important cultural event reflecting their religious, philosophical, and social values. These rituals are influenced by Confucianism, Buddhism, and Shamanism, all of which emphasize respect for death as the final stage of human life.

Korean funeral traditions primarily developed under Confucian influence. In Confucianism, filial piety (효, hyo) toward parents and ancestors is the highest virtue. Therefore, children, especially the eldest son or grandson, play a critical role in the burial process. Buddhism emphasizes the rebirth of the soul, while Shamanism involves beliefs connected to spiritual entities and ceremonies.

Historically, funerals were held at home, but today they take place in specialized funeral halls (장례식장, jangnyesikjang) or hospital-associated centers. The “Jesa” ritual involves preparing food for the deceased every day for 49 days after death, reflecting the belief that the soul should not remain hungry. Typically, the funeral lasts three days:

Day 1: Preparing the body for burial (washing, shrouding, placing in position).

Day 2: Receiving guests and conducting condolence ceremonies.

Day 3: Burial or cremation (화장, hwajang).

Key stages of the ceremony:

The body is cleansed and wrapped in a white shroud, then placed before the memorial table (향안) with flowers, candles, and a photograph of the deceased. The chief mourner (상주, sangju), usually the eldest son, is responsible for all organizational duties. Guests bow deeply twice to the deceased and once to the family. Traditionally, only men served as sangju, but today women also participate, reflecting gender equality trends.

Guests give condolence money (부의금, bueuigeum) to support the bereaved family and cover funeral expenses:

Standard amount: 50,000–100,000 WON (approx. $50–100)

Close relatives: 100,000–500,000 WON

Business partners: 50,000–200,000 WON

Commonly: 50,000 WON

Food and beverages, including soju (소주), are served, and guests often remain until evening to provide emotional support. Traditionally, the deceased was buried, but modern cremation (화장, hwajang) has become increasingly common due to limited land resources and environmental considerations. Some families create keepsakes or memorial balls from the ashes to honor the memory of the deceased. Participants wear dark or black simple clothing; historically, families wore special mourning garments (상복, sangbok). Loud voices, jokes, or laughter are considered inappropriate.

Uzbek Funeral Rituals

Uzbek funeral practices have deep historical roots and are primarily shaped by Islamic religion and local customs. These ceremonies serve not only to send off the deceased but also to provide social compassion and spiritual support for their family and community.

Islam is the primary influence on Uzbek funerals, and all processes are carried out according to the Sunni Hanafi school of thought. Additionally, ancient Turkic and Persian cultural practices, such as holding memorial ceremonies on specific days, are observed. The focus is on the soul’s peace and salvation in the afterlife. Funerals usually occur in three main locations: the deceased’s home, mosque, and cemetery. Burial is typically conducted within 24 hours but is not mandatory on the day of death. The one-day ceremony includes washing (ghusl), shrouding, funeral prayer (janaza), and burial. After burial, family and friends recite the Qur’an and prepare a communal meal.

Shrouding: The body is wrapped in a white cloth symbolizing purity and equality.

Funeral prayer (janaza): Performed in the mosque or open space as a final collective prayer.

Burial: The deceased is laid on their side facing the Qibla, and each participant throws soil three times.

Financial support: Guests provide condolence money (sadaqa).

Only traditional burial is practiced; cremation is forbidden under Islamic law. Simple headstones are placed on graves, and elaborate structures are strictly prohibited. Participants wear simple black or white clothing; women cover their heads with scarves. Loud crying or wailing is strictly forbidden, as it may disturb the deceased’s soul.

Post-funeral ceremonies:

3rd day: Qur’an recitation and remembrance

7th day: Family and close relatives gather

40th day: Broader community participation

1-year memorial: Final remembrance

Similarities (despite differences):

Respect for the deceased: Both cultures view the funeral as a way to honor the deceased and fulfill one’s duty.

Family centrality: Close relatives, particularly the eldest son or closest male relative, play an essential role.

Gathering and rituals: Both traditions include communal gatherings (condolence meetings, meals) as part of mourning.

Dress code: Wearing dark or somber clothing is customary in both cultures, with Uzbek attire being modest and Islamic-compliant.

Differences:

Korean rituals are influenced by multiple religions; Uzbek rituals are primarily Islamic.

Korean funerals last three days, whereas Uzbek funerals are completed within 24 hours.

Burial method: cremation is common in Korea, while Uzbekistan strictly practices underground burial.

Commemoration practices: Koreans perform extended ancestral rites, while Uzbeks focus on prayer for the deceased.

Korean ceremonies often emphasize the eldest child’s role, while Uzbek ceremonies involve the entire community.

Financial support: Koreans give “bueuigeum,” while Uzbeks provide “sadaqa.”

Venue: Korean funerals often occur in specialized halls, whereas Uzbek ceremonies are held at home, mosque, and cemetery.

Post-funeral rituals: Korea observes a 49-day cycle, while Uzbekistan has ceremonies on the 3rd, 7th, 40th day, and 1 year.

Conclusion:

Korean and Uzbek funeral practices reflect unique cultural and religious characteristics. Korean rituals emphasize ancestral worship and family traditions, while Uzbek rituals are based on Islamic beliefs and community involvement. In both cultures, funerals honor the deceased and console the bereaved. These rituals are an important part of cultural heritage, passed down through generations.

References:

“Korean Funeral Customs” – National Folk Museum of Korea, 2015

“Death and Funeral Culture in Korea” – Seoul National University Press, Seoul, 2018

“Korean Traditional Culture Series” – Korea University Publishing, Korea, 2020

“Uzbek Folk Rituals” – Academy of Sciences of Uzbekistan, Tashkent, 2017, pp. 156–189

“Islam and Uzbek Traditions” – Muslim Board of Uzbekistan, Tashkent, 2019

“Uzbek National Encyclopedia,” Tashkent, 2021

THE FALL OF THE PHILOSOPHER

When we look back at the turn of the 20th century, we are flooded with a general feeling that the old times were good. The people were good, and its reason too was obvious, they were God-fearing, believed in goodness, visited holy places, undertook pilgrimages, and, it was joint family system, which was helpful in nurturing fellow feeling, empathy and compassion.

As the time passed, modernism took over, which meant the fall of the agrarian life, and the onset of the mechanical age. The peace of the village life was lost to the lure of the market town. As the times moved forward, the village was discarded and the people started migrating to the city. Villages were left barren and this process has kept pace even today. Migration from the villages to the cities is still going on unchecked.

What I am going to focus here is how the quality of man has dwindled over time, as machination has increased. Prosperity appears to have grown but along with it, men who enjoy thousands of amenities, have lost something very precious. I can draw a line too, with which many perceptive readers may not be in agreement. There was a generation which started working during the seventies. Before them, there was a generation of great scholars who inhabited the universities. The 2nd generation starts with seventies, in which the young men who joined services, were still touched with some sort of idealism. Actually, sixties and seventies were the times when in our country the socialist movement was in full swing, and reading Russian literature was in vogue. These young men found idealism injected into their blood and their thought too.

The generation which took to work in eighties too was touched by that idealism. They had a feeling of being true to their profession. These were the times when people felt that copying was a moral aberration. Teachers still believed in teaching the students most of the times without getting any remuneration. Morality was still a subject of debate in Colleges and Universities.

However, nineties saw an abrupt change in the sensibility of the people, and it transformed the sensibility of the time as well. This was the moment when ultra-modern times had set in. Desktop had given way to the laptop, mobiles to smart phone. These were the times when people realized there was a city called Kota in Rajasthan. Now, the race was between money and success. The more the money, the greater the success. The students were after packages. Teachers were after tuitions. It was a world of the go-getters. Those who had money could get seats in medical colleges.

It was here that the growing civilization completely shed its idealistic credentials. Now, the teachers, the students and even parents had only one passion. Job. Money was no consideration. And during these times, we gave legitimacy to a thousand things which were considered taboo in previous times. The most important thing were money and success, followed by a sense of freedom, which shook the family from its foundations.

Today, the teachers have lost all idealistic orientation. Religiosity has increased, though its internal content is missing. There is more and more knowledge and great and great success, yet students and even teachers lack basics of human behaviour. In other words, knowledge has given them fat marks sheets, top positions, without bringing to them the most precious virtue which was essential to make life meaningful: wisdom.

Today, we have a generation which has no faith in wisdom. We have administrators who have no faith in creativity. Paperwork, data, and keeping the teachers busy is the basic framework of educational policies. We know a thousand things, without understanding the basics of human character. The electronic revolution and now the AI have further reduced the man-hours which man could use for himself. The great issue today, in my opinion is, man has no time for himself, for his family, and for his mind. It is the phase when philosophy is dead, the philosopher is dead. The academic has been reduced to a paper tiger. He is forced to become a scholar where his only job is to cut and paste the available knowledge, which makes no sense to the man in the street.

We are passing through the worst phase of human development where facilities have increased, but man’s humanity is in decline. We need to arrest this fall. We need to return to a routine where we have free time for ourselves. Where we could slow down the pace of time. We need to revert back and retrieve the values we have lost in our passion for growth.

Dr. Jernail Singh Anand, with an opus of 180 plus books, is Laureate of the Seneca, Charter of Morava, Franz Kafka and Maxim Gorky awards.  His name adorns the Poets’ Rock in Serbia. Anand is a towering literary figure whose work embodies a rare fusion of creativity, intellect, and moral vision.

A Girl Named Ars Poetica

My bathroom tiles have seen, heard, felt, and suffered

through more tears than your busted up, popped out shoulder

I so desperately reach to stabilize and claw into

With my poorly uncut finger nails.

If salvation is the feeling of my saliva dripping off my tongue

Settling into the grooves of your own,

Then maybe, suddenly,

I do want to be saved.

I’ll read to you until the vocal fry in my voice sounds like tv static

As if you fell asleep on your mama’s couch watching Full House,

The connection between the antennas and power altering drastically

Like the longing when our hands aren’t locked.

We will listen to the soft pitter patter of the rain

Gulping up water that’ll clog up the storm drain

Until I have found you asleep on my bathroom floor

Tear stained shoulders, bubbling foam, crystalized eyes and all.

I reach your tear stained, clawed up shoulder

And brush the cuts with my spicy stained finger tips

Until you jolt up just so I can say it’s the medicine to cure

The pain— and you’ll remember my finger tips.

Can you touch my skin with your own until there’s a film

Of deep red coating the fairness, so that no one can see the beauty

Other than your crystalized eyes that I inhabited in

The second you said “I love you.”