At the beginning of 2025, there were 126 projects being implemented with the participation of international financial institutions using external debt funds, with a total value of USD 17.6 billion.

Although the majority of the projects were being implemented according to the established schedules, the audit identified a low level of fund utilization in some projects, while work had not commenced at all on others. In particular, despite a considerable period having passed since the signing of the loan agreements, funds had been utilized by less than 10 percent, or utilization had not started at all, for 48 projects with a total value exceeding USD 5 billion.

The audit also established that delays in project implementation had resulted in additional financial costs. In particular, the extension of the implementation periods of certain projects resulted in additional commission payments amounting to USD 23.8 million.

The main reasons for delays in project implementation included the untimely preparation of feasibility studies, prolonged tender procedures, delays in agreeing financial documents with international financial institutions, and insufficiently effective organization of the activities of consulting companies.

In addition, cases were identified where local khokimiyats had introduced changes to approved project documentation due to insufficient oversight by certain project initiators over the activities of project implementation units.

There are also shortcomings in the online monitoring of investment projects. In particular, because project initiators have not fully entered information into the electronic monitoring system, certain processes are still being monitored based on information provided in paper form.

Based on the audit results, it was proposed to optimize USD 785 million in funds allocated to certain projects where the necessary pre-project documentation was unavailable and implementation had not commenced for an extended period, or to redirect these funds to other priority areas within the relevant sector.

Measures were also identified to introduce a unified digital platform for monitoring investment projects financed through external debt, enable online monitoring of all stages of project implementation, and strengthen the post-monitoring system for completed projects.

The implementation of these measures will contribute to the efficient use of external debt funds, the timely completion of investment projects, the prevention of additional costs, and improved economic efficiency of the funds raised.