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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:

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