Abstract
The thesis analyzes the stability of Uzbekistan's external sector through the example of the dynamics of international reserves and external debt. Based on the International Monetary Fund's 2026 Article IV Consultation report and theoretical research on capital flows to emerging markets, quantitative indicators of the country's external stability — the reserve import-coverage ratio, the average annual growth rate, and the dynamics of external debt — are calculated. The results show that international reserves grew at an average annual rate of 22.8% over 2022–2025, and that the import-coverage ratio of reserves stands at 20 months, significantly above the international norm, which represents an important factor of resilience to global financial shocks.
References
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