In 2025, the government of Tajikistan plans to allocate approximately 4.156 billion somonis (US$380 million) from the state budget for public debt repayment.
These funds are categorized under the budget section “Other Expenses,” which includes expenditures not classified under other categories.
The funds designated for debt repayment this year account for 8.1% of the total expenditures of the country’s main financial reserve.
According to the Ministry of Finance (MoF), around 3.977 billion somonis (US$382 million) will be allocated for servicing external debt—3.005 billion somonis for principal repayment and 972 million somonis for interest payments.
In total, the debt repayment schedule for 2025 requires 5.556 billion somonis (US$508 million) to be provided to external creditors.
Additionally, state-owned enterprises that received external loans under government guarantees must repay another 1.4 billion somonis.
For servicing domestic debt, the budget includes 178.7 million somonis, with 106 million somonis allocated for principal repayment and 72.7 million somonis for interest payments.
Moreover, additional off-budget funds amounting to 320.4 million somonis are planned for domestic debt repayment, sourced from the sale and lease of assets from the liquidated Agroinvestbonk and Tojiksodirotbonk (TSB).
The time for repayment has come
Budget financing for external debt in 2025 will increase by 1.47 billion somonis, or 58.6%, compared to the previous year.
"The reasons for the rise in external debt servicing costs include the utilization of loans from international financial organizations, the end of grace periods, the start of principal debt repayment—particularly for Eurobonds—as well as projected exchange rate fluctuations of the national currency against the US dollar," a MoF explained.
As of October 1, 2024, Tajikistan’s external debt stood at $3.2504 billion, reflecting a 0.2% increase ($7.1 million) compared to January 1, 2024.
Approximately 96% of the country’s external debt structure consists of direct public debt, which ensures government service obligations.
Debts backed by state guarantees amount to $138.8 million.
The ratio of external debt to GDP remains at a comfortable level—27%.
China remains Tajikistan’s largest creditor, with the country owing it about US$1 billion.
Other significant debts include those to the World Bank (US$370 million), the Asian Development Bank (US$260 million), the Islamic Development Bank (US$212 million), and the European Bank for Reconstruction and Development (US$167 million).
Additionally, the principal debt on Eurobonds (US$500 million), issued in 2017 to finance the construction of the Roghun hydropower plant, remains outstanding.
The country’s external debt is expected to rise significantly in 2025 following parliamentary ratification of agreements for new loans from external 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) in development partner funding is planned for the completion of the Roghun hydropower plant. This includes concessional loans worth 20.5 billion somonis (US$1.9 billion) and grants totaling 12.5 billion somonis (over US$1.1 billion).
It is noted that in the second half of 2024, the government signed agreements with six organizations for a total of 10 billion somonis, including 6.2 billion somonis (US$567 million) in concessional loans and 3.8 billion somonis in grants.
