DUSHANBE, March 17, 2009, Asia-Plus — Finance Minister Safarali Najmuddinov today reported to the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) on implementation of the national budget for 2008.
Despite the global financial crisis and difficult winter, the 2008 budget was overfulfilled by 6.3 percent, the minister said, adding that for the first time, the budget balance was positive.
Gross domestic product rose 8 percent in the year to December 31, 2008 and inflation for last year stood at 11.8 percent.
As of January 1, 2009, Tajikistan’s external debt has amounted to 1.366 billion US dollars. “The state debt is a long-term with repayment period of 30-40 years and minim interest,” Najmuddinov said.
On the global financial crisis, the minister said that first sign of the crisis were reported in Tajikistan at the end of last year and they became more tangible in the first quarter of this year.
“In Tajikistan, the financial crisis affected, first of all, prices of aluminum and cotton fiber and resulted in labor migrants’ remittances decreasing,” the minister said, noting that Tajikistan saw sharp currency devaluation.
According to him, the Tajik national currency, the somoni, fell nearly 14 percent against the dollar over the first two months of this year.
“We have reached an agreement with the World bank on the provision by it of a grant of 20 million US dollars to Tajikistan as direct support to the national budget, said the minister, “A grant agreement for 40 million US dollars with the Asian Development Bank and an agreement for 26 million US dollars with the European Union are expected to be singed in the near future.”
