STRATEGIC DIRECTIONS FOR IMPROVING THE TREASURY SYSTEM IN THE REPUBLIC OF UZBEKISTAN

The treasury system plays a crucial role in ensuring effective public financial management and fiscal discipline within a national economy. Since gaining independence, the Republic of Uzbekistan has undertaken significant reforms aimed at modernizing its treasury system and strengthening budget execution mechanisms. In recent years, particularly after the economic liberalization reforms initiated in 2017, the government has accelerated efforts to digitalize treasury operations, improve fiscal transparency, and align public financial management practices with international standards. This article analyzes the current state of the treasury system in Uzbekistan and identifies key strategic directions for its further improvement. The study emphasizes the importance of digital integration of financial systems, strengthening program-based budgeting mechanisms, expanding fiscal transparency, improving internal audit and control procedures, enhancing human capital in public financial management, and updating the legal framework governing treasury activities. The findings suggest that the successful modernization of the treasury system requires a comprehensive approach that combines technological innovation, institutional reform, and international cooperation. Strengthening these components will contribute to greater fiscal transparency, improved budget efficiency, and sustainable macroeconomic management in Uzbekistan.