Tajikistan’s external debt has declined by US$87 million over the first quarter of 2025, reaching a total of US$3.1 billion as of April 1, the Ministry of Finance (MoF) reported.
The bulk of the debt, 95.6%, consists of government obligations, with the remaining 4.4% tied to government-guaranteed loans.
China remains the country’s largest creditor, holding nearly US$1 billion in claims. Other significant creditors include the World Bank, the Asian Development Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development.
Notably, the country still owes US$500 million on Eurobonds issued in 2017 to fund the construction of the Roghun hydropower plant (HPP).
In the national budget for 2025, approximately 4 billion somonis (about US$385 million) has been earmarked for servicing and repaying external debt—over 3 billion somonis allocated for principal payments and around 1 billion somonis for interest.
State-owned enterprises with government-backed external loans are also expected to repay an additional 1.4 billion somonis (US$135 million) this year.
However, the total external debt is expected to rise in 2025 following the ratification of new credit agreements with international donors.
According to the president’s latest address to a joint meeting of both chambers of parliament, more than 33 billion somonis (US$3 billion) will be mobilized to complete the construction of the Roghun HPP, including concessional loans totaling 20.5 billion somonis (US$1.9 billion) and grants worth 12.5 billion somonis (over US$1.1 billion).
