It is registered
Ministry of Justice
Republic of Tajikistan
On April 7, 2014 No. 305
of March 31, 2014 No. 214
About the Strategy of national debt management of the Republic of Tajikistan for 2015-2017
According to article 5 of the Law of the Republic of Tajikistan "About the state and guaranteed by the state borrowing and debt" the Government of the Republic of Tajikistan decides:
1. Approve the Strategy of national debt management of the Republic of Tajikistan for 2015-2017 it (is applied).
2. To the Ministry of Finance of the Republic of Tajikistan together with the relevant ministries and departments of the republic to take necessary measures for strategy implementation of national debt management of the Republic of Tajikistan for 2015-2017.
Prime Minister of the Republic of Tajikistan
Approved by the Order of the Government of the Republic of Tajikistan of March 31, 2014 No. 214
Development of the fourth strategy of national debt management for 2015-2017 is caused by preserving macroeconomic stability of the Republic of Tajikistan and to maintenance of the balanced level of amount of public debt. This document is the processed, modernized, analytically reasonable Medium-term strategy of national debt management (further SSUGD) for 2015-2017 which also, as well as previous affirms for the period in 3 years.
One of main objectives of development of new Strategy was creation of analytically reasonable document which is accurately differentiating questions of the Analysis of stability of debt and the Strategy of management of debt in view of the following reasons:
- the analysis of stability of debt considers the questions concerning level of debt. The quantity and amount of the attracted loans on next financial and for two next years are determined by the Program of the State Investments (PSI) 1 and the Program of the State External Borrowings (PSEB) which are integral part when forming the budget of the country. PGI is the fundamental program in which the number of creditors, quantity of the flowing and planned credits, and also their breakdown by sectors of economy where the level of borrowings, acceptable for the country, on current financial and thereby is specified two next forecast years is specified. Main objective of the Program of the state external borrowings of the Republic of Tajikistan is increase in efficiency of control of attraction of the foreign credits to the Republic of Tajikistan and non-admissions of uncontrollable accumulating of external debt;
- the strategy of debt management considers structure of debt portfolio, determines the most acceptable potential credit facilities and resolves issues of the greatest possible reduction in cost of servicing of public debt taking into account neighboring risk and indicative indicators (regulations) of state loans. ___________________________________________
1-Also the technique is applied in case of development of the budget of the country where the forecast for the next three years is provided. PGI is directly integrated into the Government budget.
The management system public debt represents interrelation of the budget, financial, accounting, organizational and other indicators directed to effective regulation of public debt and decrease in influence of debt load on national economy.
High-quality and effective management of public debt implies the whole system of the principles of debt management, creation of transparent management system with use of accurate procedures and controling mechanisms debt, and also lack of overdue debt obligations.
Strict following of Strategy of national debt management of the Republic of Tajikistan for 2015-2017 will provide preserving structure of the existing portfolio of public debt at the safe level.
In this Strategy much attention is paid to further market development of government securities, both primary, and secondary, by expansion of the range of repayment periods of treasurer bills of exchange, and also gradual increase in share of internal borrowings through release of government securities.
Updating of Strategy of national debt management of the Republic of Tajikistan is provided each 3 years. However owing to the developing dynamics of changes of macroeconomic, political and social factors, the possibility of entering into this Strategy of annual adjustments is supposed.
Also annual provision of the performance report of Strategy of national debt management of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan and to the Government of the Republic of Tajikistan is supposed.
The strategy of national debt management represents the fundamental document generalizing the main priorities of the state in the sphere of medium-term national debt management and determining the tools necessary for its execution.
Main objective of this Strategy is regulation national debt management, is based on the principles of the previous Strategy minimization of expenses on debt servicing during the long-term period of time are directed to improvement of quality of national debt management and achievement of its steady level by effective and target use of the attracted resources, and also.
Tasks of Medium-term strategy of national debt management is:
- enhancement of system of debt management which important elements are proper accounting and monitoring of public debt;
- maintenance of structure of debt portfolio;
- guaranteeing possibility of attraction of financial resources for priority needs of the state throughout the long period;
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