In 2026, Tajikistan plans to allocate around 5.1 billion somonis (approximately $548 million) to finance the country’s external debt. This funding will be drawn from the national budget and is intended to service and repay debt under subloan agreements, as stated in the draft state budget for 2026.
Details of external debt financing
Of the total amount, more than 3.3 billion somonis will be allocated from the national budget, while the remaining 1.8 billion somonis will go towards repaying the principal debt under subloan agreements. Several major state-run and private companies are involved in servicing the external debt, including:
· OJSC Barqi Tojik — 1.553 billion somonis;
· State Unitary Enterprise (SUE) Obu Korezi Dushanbe (municipal waterworks) — 10 million somonis;
· OJSC Tojiktransgaz (state-run natural gas distributor) — 6 million somonis;
· OJSC Pamir Energy — 10 million somonis;
· OJSC Tajik Aluminium Company (TALCO) — 84 million somonis;
· SUE Tajik Railways — 80.2 million somonis;
· SUE Housing and Utilities Enterprise — over 11.4 million somonis.
Financing of domestic debt
Additionally, to service the domestic debt of over 473 million somoni, approximately 152.6 million somoni will be allocated from the national budget in 2026. The remaining 320.4 million somonis will be paid from the Ministry of Finance’s deposit income at the National Bank of Tajikistan and revenues from the sale and lease of assets from the liquidated banks – Agroinvestbonk and Tojiksodirotbonk (TSB) – which were transferred to state ownership.
Government investment projects
In 2026, the Tajik government also plans to allocate loans of over 6.3 billion somonis (about $678 million) for implementing state investment projects. These funds will be used to finance various infrastructure and social programs in the country.
Overall external debt
As of October 1, 2025, Tajikistan’s total external debt amounted to $3.037 billion, which is $151 million (or 4.7%) lower than at the beginning of the year. Nearly 95.5% of the external debt, about $2.9 billion, is related to government loans that support the delivery of government services. The remaining portion of the debt, with state guarantees, totals just over $138 million.
Main creditors of Tajikistan
Tajikistan’s primary creditor remains China, to whom the country owes over $700 million. Additionally, Tajikistan has substantial debts to the World Bank, the Asian and Islamic Development Banks, and the European Bank for Reconstruction and Development.
Conclusions
In 2026, repaying external and domestic debt remains a key priority for Tajikistan, along with securing funds for large state investment projects. Despite the reduction in external debt this year, the government continues to work on improving the financial situation, stabilizing both external and internal liabilities, which is crucial for sustainable economic growth in the future.
