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

of November 12, 2008 No. 1671

About approval of the Program of the state external borrowings of the Republic of Tajikistan for 2009-2011

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

Approve "The program of the state external borrowings of the Republic of Tajikistan for 2009-2011".

 

Chairman of Majlisi namoyandagon

Majlisi Oli of the Republic of Tajikistan S. Hayrulloyev

Approved by the Resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of November 12, 2008 No. 1671

The program of the state external borrowings of the Republic of Tajikistan for 2009-2011

Introduction

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 forecast two years with separation of foreign borrowings to creditors and sectors of economy, and also with inclusion of the new planned borrowings.

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 developed Strategy of national debt management for 2008-2010 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 reducing poverty in the Republic of Tajikistan for 2007 - 2010 directed to goal achievement of Development of the Millennium.

Considering sharpness of problem of external debt of Tajikistan, in recent years the Government of the Republic of Tajikistan pursues consolidation policy of all budget receipts and tough restriction of new borrowings. In 2000 the amount of external debt of Tajikistan made 110% to Gross domestic product. Improvement of debt situation became possible thanks to continuing efforts of the Government of the Republic of Tajikistan on debt restructuring by means of renewal, write-off and exchange of debt for assets, also due to stable economic growth the level of external debt of Tajikistan is reduced for January 1, 2008 to % 30,2 to Gross domestic product.

Main objectives and tasks

Main objective of the Program of the state external borrowings of the Republic of Tajikistan for 2009-2011 is increase in efficiency and control of attraction of the foreign credits to the Republic of Tajikistan creating the public external debt.

For the purpose of non-admission of uncontrollable accumulating of external debt, the Program of the state external borrowings is created based on the following principles, and also criteria corresponding to 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;

attraction of loans for financing of expenses on implementable projects with the purpose of their completion;

concentration of loan resources for implementation of the new large infrastructure projects having strategic, nation-wide importance which solutions on realization it is already accepted the Government of the Republic of Tajikistan.

All this gives the chance to expand social programs of the Government of the Republic of Tajikistan in parallel giving necessary support to development of the main sectors determining condition of real economy: transport infrastructure, power and reforming of the agricultural sector.

This Program considers 70 credits from which - the 32nd credit agreements are at project stage. The total total cost of the credits, on - the offered Program constitutes - 1694, 5 mln. dollars of the USA. From these means till January 1, 2008 5 mln. dollars of the USA are mastered 327,.

Development in 2008 is expected in the amount of 416.6 mln. dollars of the USA, in 2009 - 369, 3 mln. dollars of the USA. in 2010 - 223, 2 mln. dollars of the USA and in 2011 - 172,4 of one million, US dollar.

Sectors of economy

The program is developed as use of borrowing facilities in economy industries:

- the agricultural sector and melioration includes 18 credits which are directed to recovery of agricultural industry, support of privatization and recovery of infrastructure, rehabilitation of irrigational systems, development of agricultural enterprises, cotton breeding and rural entrepreneurship. The total amount of the raised funds to this sector is predicted in the amount 262, of 2 mln. dollars of the USA or 15,5 of percent from total amount;

- the health care sector includes 6 credits aimed generally at the development of primary and basic link of health care. The total amount of the raised funds to this sector is predicted in the amount 60, of 3 mln. dollars of the USA or 3,6 of percent from total amount;

- the sector of education includes 6 credits directed to support of development of the sector of education, construction and reconstruction of schools. The total amount of the raised funds to this sector is predicted in the amount 72, of 4 mln. dollars of the USA or 4.3 percent from total amount;

- the energy and industrial sector includes 15 credits directed to recovery of internal infrastructure and support on development of international trade in energy resources. The total amount of the raised funds to this sector is predicted in the amount 636, of 4 mln. dollars of the USA or 37,6 of percent from total amount;

- the sector of transport and communications includes 14 credits directed to rehabilitation and development of transport system of the republic. The total amount of the raised funds to this sector is predicted in the amount 563, of 0 mln. dollars of the USA or 33,2 of percent from total amount;

- the sector of public administration includes 3 credits. The total amount of the raised funds to this sector is predicted in the amount 56, of 9 mln. dollars of the USA of percent 3,4 pla from total amount;

- the sector of housing and communal services includes 6 credits directed to recovery of water supply systems. The total amount of the raised funds to this sector is predicted in the amount 33, of 0 mln. dollars of the USA or 33,2 of percent from total amount;

- The financial sector includes 2 credits. Main objective of these credits is development of systems of microfinancing. The total amount of the raised funds in this, the sector is predicted in the amount of 10.2 mln. dollars of the USA or 0,6 of percent from total amount.

Within the signed Credit agreements on projects implementation performed together with international financial institutions, signed 22 auxiliary credit agreements on loaning up of funds for the amount of 511.0 mln. dollars of the USA or 30,1 of percent from the total amount of external borrowings.

As the borrower on these credits the Government of the Republic of Tajikistan however the actual servicing acts and return of means will be performed by business entities of the republic.

Portfolio of borrowings

The Program includes the following beneficiaries:

- The World Bank - 8 credits, from them 3 credit agreements at consideration stage;

- Asian Development Bank - 27 credits, from them the 13th credit agreement at consideration stage;

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