Tajikistan's President Emomali Rahmon emphasized the need to improve the country's financial system, enhance access to credit for businesses and citizens, including mortgages for homeownership.
In his address to the parliament on December 16, the president stated that, to improve the economic situation in the country, it is necessary to develop and implement a Capital Market Development Strategy.
"I request that a Capital Market Development Strategy be developed and adopted. This strategy will serve as the foundation for improving access to financial resources for businesses and citizens, as well as stimulating the growth of the capital market and enhancing Tajikistan's appeal to foreign investors," Rahmon emphasized.
Problems with loans and their distribution
The president also noted that over the past 10 years, Tajikistan has issued 143 billion somoni in loans. However, only 38% of these funds were directed toward productive entrepreneurship, which he believes is insufficient for sustainable economic growth.
"This is not enough for further development," the president remarked. In response, he proposed increasing foreign investments in the country's banking system and supporting the savings of both citizens and companies.
Rahmon proposed the creation of a Credit Guarantee Fund, which would allow entrepreneurs to access long-term and affordable loans while reducing risks for banks.
"To improve access to affordable long-term funds for productive entrepreneurs and increase the volume of lending, I propose the creation of a Credit Guarantee Fund," the president stated.
Development of mortgage lending
Additionally, the president highlighted the importance of mortgage lending for Tajik citizens. To improve the social situation of the population and expand citizens' opportunities to acquire housing, he proposed enhancing the mechanisms for issuing housing loans.
"It is necessary to improve the mechanisms for the development of mortgage lending and take appropriate measures to increase the volume of such loans for the population," Rahmon added.
