As of October 1, Tajikistan’s external debt stood at $3.25 billion, according to a report by Asia-Plus citing the Ministry of Finance. This represents a modest 0.2% increase, or $7.1 million, compared to January 1.
Approximately 96% of the debt comprises direct government debt, incurred to meet state obligations, while $138.8 million is under state guarantees. Tajikistan’s external debt-to-GDP ratio is 27%, which is considered a favorable level.
The largest creditors include the World Bank ($370 million), the Asian Development Bank ($260 million), the Islamic Development Bank ($212 million), and the European Bank for Reconstruction and Development ($167 million).
A significant portion of the debt, $500 million, consists of Eurobonds issued in 2017 to finance the completion of the Rogun Hydroelectric Power Plant. While the government adheres to the repayment schedule for these bonds, only interest payments have been made so far.
Next year, Tajikistan is expected to seek additional loans from development partners to continue work on the Rogun Hydroelectric Power Plant. This move is anticipated to substantially increase the country’s external debt.
By way of comparison, The Times of Central Asia recently reported that neighboring Uzbekistan’s public debt is projected to reach $45.1 billion by the end of 2025.