The government is working out a plan for restructuring debts of Barqi Tojik (Tajikistan’s national integrated power company).
For the purpose of curbing debt of Barqi Tojik at the level allowing it to carry out economic activity in long-term perspective there will be approved compulsory limit on general debt and expenses on servicing it and new borrowings, says the strategy of managing fiscal risks from state-run enterprises designed for the period until 2020.
Among the main reasons for commercial receivables are reportedly technical losses in power sector and the low rate of the collection of funds from the public, Tajik Aluminum Company (TALCO), and irrigation pumping stations.
According to the strategy, the government will write off the error debt and introduce more effective measures of financial control.
As of January 1, 2017, Barqi Tojik debts amounted to more than 13.7 billion somoni. The company now owes 1.346 billion somoni to Orienbonk (Tajikistan’s largest commercial bank) alone.
Besides, Barqi Tojik owes 654 million somoni to Open Joint-Stock Company (OJSC) Sangtudinskaya GES-1 operating the Sangtuda-1 hydroelectric power plant (HPP) and 458 million somoni to Sangtuda-2 HPP.
Barqi Tojik tax debts have reportedly reached 51 million somoni due to purchase of coal and other types of fuels.
The national integrated power company owes 11 billion somoni to the Ministry of Finance due to attracting long-term loans in the power sector.
Meanwhile, its receivables now amount to more than 1.5 billion somoni (equivalent to more than 200 million U.S. dollars).
The most incorrigible nonpayers are the public (some 685 million somoni) and the Agency for Land Management and Land Reclamation (391.3 million somoni).
