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Ministry of Justice

Republic of Tajikistan 

 On November 4, 2013 No. 2682

RESOLUTION OF MAJLISI NAMOYANDAGON OF MAJLISI OLI OF THE REPUBLIC OF TAJIKISTAN

of October 23, 2013 No. 1310

About approval of the Program of the state external borrowings of the Republic of Tajikistan for 2014 - 2016

The Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan decides:

1. Approve the Program of the state external borrowings of the Republic of Tajikistan for 2014 - 2016.

2. To provide to the government of the Republic of Tajikistan effective and target use of the borrowings provided by the Program of the state external borrowings of the Republic of Tajikistan for 2014 - 2016.

Chairman of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan

Sh. Zukhurov

Approved by the Resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of October 23, 2013 No. 1310

The program of the state external borrowings of the Republic of Tajikistan for 2014 - 2016

1. Introduction

1. The program of the state external borrowings of the Republic of Tajikistan represents the list of external borrowings of the Republic of Tajikistan for the next financial year and two forecast years with separation of borrowings on creditors and sectors of economy, and taking into account the new planned borrowings, and also comparative information on development of the operating and planned borrowing facilities (appendix 1A, 1B, 2A, 2B).

2. This Program is developed based on the Law of the Republic of Tajikistan "About the state and guaranteed by the state borrowing and debt" and the Strategy of national debt management for 2012 - 2014 and corresponds to economic policy of the Government of the Republic of Tajikistan reflecting the main priorities established in the National strategy of development for the Republic of Tajikistan for the period till 2015 and the Strategy of increase in welfare of the population of the Republic of Tajikistan for 2013-2015 directed to goal achievement of Development of the Millennium.

3. In recent years thanks to continuing efforts of the Government of the Republic of Tajikistan in debt restructuring, and also stable economic growth, the condition of external debt in the country improved, and as of the end of the second quarter 2013 the amount of external debt of the Republic of Tajikistan made the 2nd 132, 82 million US dollars that constitutes percent 25,3 to Gross domestic product.

4. Within the Program of the state external borrowings of the Republic of Tajikistan for 2012 - 2014 for the purpose of implementation of investment projects 41 million US dollars of borrowing facilities were attracted 118,. Also in 2012 7 credit agreements on the amount 131, were signed by 83 million US dollars, including with:

- Islamic development bank - the "Repair of High Schools, Phase 3" project on the amount 17, 49 million US dollars;

- Eximbank of People's Republic of China - the "Rehabilitation of the Highway Dushanbe-Kulma, on the Site of Dushanbe-Dangara Phase 1 Stage 3" project on the amount 50, 54 million US dollars;

- The European Bank for Reconstruction and Development - the "Reconstruction of the Highway Dushanbe-Tursunzoda (Border of Uzbekistan)" project on the amount 35, 0 million US dollars, the "Improvement of Water Supply Systems of the Cities of Khatlon Region" project on the amount 5, 0 million US dollars and the "Improvement of Water Supply Systems of the Northern Cities of Tajikistan" project on the amount 7, 0 million US dollars;

- OPEC fund - the "Construction of Hospital of General Profile in of Dangare (Additional Loan)" project of pas the amount 2, 8 million US dollars and the "Reconstruction of the Highway Ayni-Pendzhnkent (Border of Uzbekistan)" project on the amount 14, 0 million US dollars.

5. The stable ratio of low indicators of level of the state debt promotes financial stability of the country and gives the chance of attraction of financial resources which were provided on foreign debt service, on implementation of economic and social projects earlier.

2. Main objectives and tasks

6. Main objective of the Program of the state external borrowings of the Republic of Tajikistan for 2014 - 2016 is increase in efficiency of control of attraction of external credits to the Republic of Tajikistan and non-admission of uncontrollable accumulating of external debt which is expressed in below the listed principles within the Strategy of national debt management:

- limiting restriction of adoption of obligations on attraction of the credits of foreign states and loans of international financial institutions on the new projects financed from the government budget;

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