Despite a considerable amount of debts accumulated, the Tajik government is not going to discontinue the practice of foreign borrowing, and is planning to borrow 1.160 billion U.S. dollars within the next three years for implementation of investment projects.
Under the national foreign-borrowing program, which was approved at a session of the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) on November 18, the Tajik government plans to borrow 452.9 million U.S. dollars in 2021, 459.7 million U.S. dollars in 2022, and 246.8 million U.S. dollars in 2023.
The program is reportedly financed mainly due funds provided by the European Bank for Reconstruction and Development (EBRD), the Islamic Development Bank (IsDB) and the World Bank (WB).
Besides, the state investment projects are also funded by the Asian Development Bank (ADB), the Saudi Fund for Development (SFD), the Kuwait Fund for Arab Economic Development (KFAED), the Export-Import Bank of China (China Eximbank), the European Investment Bank (EIB), the Eurasian Development Bank (EDB) and some other donors.
According to the Ministry of Finance (MoF), the abovementioned international financial institutions have provided long-term loans to Tajikistan on preferential terms.
China remains Tajikistan’s largest creditor. As of January 1, 2020, Tajikistan reportedly owes more than 1.164 billion USD to China Eximbank.
