FISCAL SUSTAINABILITY AND TRANSFER DEPENDENCE OF REGIONAL BUDGETS IN UZBEKISTAN

This article provides a comprehensive analysis of fiscal sustainability, financial independence, and the level of vertical fiscal imbalance across the regions of the Republic of Uzbekistan for the period 2019–2025. The study examines the dynamics of local budget revenues, expenditures, and intergovernmental transfers. The research is grounded in the theory of fiscal federalism and the concept of financial mechanisms for sustainable development. The empirical findings reveal significant regional fiscal disparities, imbalance between revenue and expenditure growth, and high transfer dependence in certain territories. Based on the case of Khorezm region, the study identifies the presence of structural fiscal gaps and proposes specific mechanisms to enhance local budget efficiency.