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2026
III International Bioeconomy Forum: Special Issue

VI-SEKSIYA -SIRKULYAR IQTISODIYOT VA IJTIMOIY ADOLAT: TENGSIZLIKNI KAMAYTIRISH VA KAMBAGʻALLIKNI TUGATISH YOʻLIDA

SIRKULYAR IQTISODIYOT LOYIHALARINI DAVLAT BYUDJETIDAN MOLIYALASHTIRISHDA MABLAGʻLAR SARFLANISHI SAMARADORLIGI VA RISKLAR OʻRTASIDAGI BOGʻLIQLIK

DOI 10.67668/mj/2026issmaxsus/2198 Pages 348-358

Published 2026-09-25

Authors
Uzoqov Azamat Baxodir oʻgʻli
Affiliation
Jizzax viloyati Paxtakor tumani iqtisodiyot va moliya boʻlimi birinch oʻrinbosari
III Bioiqtisodiyot xalqaro forumi, Buxoro, 24-25-sentabr 2026
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Abstract

The article assessed the relationship between the efficiency and the risk of budget funds allocated to circular economy projects. The economic analyses and sensitivity tables of waste recycling, wastewater treatment and waste-to-energy projects published by international financial institutions were used as the evidence base. For each project, the excess of the internal rate of return over the hurdle rate, a sensitivity-based risk index, a risk-premium-adjusted rate of return and a risk coverage ratio were calculated. The risk coverage ratio equalled 4.19 for the waste-to-energy project, 2.63 for recycling and 2.29 for wastewater treatment. At the financial level of the recycling project, the ratio fell to 1.14, and the main risk was found on the revenue side. Based on the results, matching budget instruments to the dominant risk source of each project type was proposed.

Keywords

circular economy, state budget, budget efficiency, risk, risk premium, sensitivity analysis, waste recycling, waste-to-energy

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