DUSHANBE, January 27, 2009, Asia-Plus — Under the conditions of the ongoing global financial crisis Tajikistan ought to temporarily refrain from the practice of foreign borrowing, Deputy Finance Minister, Jamoliddin Nouraliyev, remarked at a press conference in Dushanbe on January 27.
On Tajikistan’s foreign debt that currently stands at 26.7 percent of gross domestic product (GDP), the deputy minister noted that the country’s foreign debt rate was stable. According to him, under the present financial situation of Tajikistan, its foreign debt should not exceed 40 percent of GDP. “There are even developed countries with their foreign debt standing at more than 50 percent of GDP, but each country has its own financial features” Nouraliyev said.
He expressed confidence that Tajikistan foreign debt rate would remain stable in the coming five years.
According to the Ministry of Finance (MoF), as of January 1, 2009 Tajikistan’s foreign debt has amounted to 1.3714 billion US dollars.
The deputy minister noted that although the country’s external debt had grown by 246.7 million dollars since January 2008, the ratio of it to GDP had decreased by 3.4 percent over the report period.
Nouraliyev noted that 307 million somoni (equivalent to $89.3 million) were put aside last year for debt servicing – 250 million somoni ($72.4 million) for the repayment of principal and 56 million somoni ($16.8 million) to cover accrued interest.
