The volume of Tajikistan's external debt in the first half of the year amounted to $3.2 billion, Avesta reports.
"An increase in the volume of external debt by the end of this year is not expected despite the development of credit funds under previously signed agreements," the Ministry of Finance of Tajikistan said in a statement.
The reason for not increasing the external debt is due to the exchange rate difference, the Tajik ministry claims. According to the ministry, Tajikistan's debt is serviced in US dollars, which is depreciating against the national currency Somoni.
At the beginning of 2022, one US dollar was officially equal to 11.3 somoni. In November, the rate of establishments by the National Bank of Tajikistan is one dollar equal to 10.21 somoni. However, commercial banks purchase American currency at a lower price, that is, on average, for 10 somoni.
Within the framework of the Program of State External Borrowings, this year Tajikistan intends to use loans in the amount of $292.8 million. It is planned to spend $243.5 million to service the external debt in 2022.
The main creditors of Tajikistan are China's Eximbank, the Asian Development Bank, the World Bank, the European Bank for Reconstruction and Development, and the Islamic Development Bank.
Credits from international financial organizations are provided for a long-term period (20-40 years), the interest rates of which are 0.75-2% per annum, the grace period for repayment of the principal amount varies from 4 to 10 years.
CentralasianLIGHT.org
November 30, 2022