Public Debt Policy Effectiveness in Enabling Sustainable Development in Central Asia

Almagul Mukhamediyeva

doi:10.52536/3006-807X.2025-4.003

Authors

Almagul Mukhamediyeva Parassat Education Centre, Kazakhstan Author https://orcid.org/0000-0003-1138-9763

DOI:

https://doi.org/10.52536/3006-807X.2025-4.003

Keywords:

external public debt, sustainable development, Central Asia

Abstract

A steady increase in public debt, which occurs against a substantial lag in progress toward the United Nations’ Agenda for Sustainable Development by 2030, brings research on the effectiveness of public debt policy to the forefront. This study thus examines the impact of public debt policy on sustainable development (SD) with a focus on Central Asian countries. Fixed effects regression with a dummy variable and moderated regression analysis are utilized to examine the nexuses between debt financing and the SD’s four dimensions, drawing on panel data from 1996 to 2023. The results suggest that external public debt promotes economic, social, and institutional development, while hampering the environment. Moreover, the outcomes of debt financing change depending on the performance of public policies, leading to synergy, lost, and conflicting effects. When dealing with these policy trade-offs, it is advisable to ensure an SD-informed fiscal framework and rules, adopt strategic investment of borrowed funds, and apply SD-aligned criteria to evaluate projects financed by public debt.

Author Biography

Almagul Mukhamediyeva, Parassat Education Centre, Kazakhstan

PhD, Public Policy and Administration, International consultant, Advisor (out staff), Parassat Education Centre, Kazakhstan

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