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Ministry of Justice

Republic of Tajikistan 

 On December 22, 2015 No. 2479

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

of November 18, 2015 No. 225

About approval of the Program of the state external borrowings of the Republic of Tajikistan for 2016 - 2018

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 2016-2018.

2. To provide to the government of the Republic of Tajikistan effective and target use of the borrowings provided by this Program.

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

Sh. Zukhurov

The program of the state external borrowings of the Republic of Tajikistan for 2016 - 2018

1. Introduction

1. The program of the state external borrowings of the Republic of Tajikistan (further - the Program) represents the list of external borrowings of the Republic of Tajikistan for the next financial year and two next years with separation of borrowings on creditors and sectors of economy 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 on the basis of 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 2015 - 2017, 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 on 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 2015 the amount of external debt of the Republic of Tajikistan made the 2nd 067, 05 million US dollars that constitutes percent 19,6 to Gross domestic product.

4. Within the Program of the state external borrowings of the Republic of Tajikistan for 2014-2016 for the purpose of implementation of investment projects 4 million US dollars of borrowing facilities were attracted 99,. Also in 2014 14 credit agreements on the amount 350, by 41 million US dollars, 1 370, in 1 million yuans and 70,0 of one million were signed. Euro, including with:

- Islamic development bank - the "Program of Reconstruction and Reorganization of Substation Ravshan" project on the amount 13, 07 million US dollars;

- Export-import bank of People's Republic of China - the "Construction of the Tunnel of the Railroad Dushanbe — Qurghonteppa, Site Vahdat-Lvan" project on the amount 36, 9 mln. dollars of the USA, the "Construction of the Tunnel of the Railroad Dushanbe — Qurghonteppa, Site Vahdat-Yavan" project on the amount 191, 9 million yuans, the project "Construction of the second stage of combined heat and power plant - 2" on the amount 178, mln. dollars of the USA, the project "Construction of the second stage of combined heat and power plant - 2" on the amount 929, 9 million yuans and the "Construction of the Plant on Production of Cryolitas and Fluoric Aluminium of Sulfuric Acid within Reconstruction of TALKO" project on the amount 47, 8 mln. dollars of the USA, the "Construction of the Plant on Production of Cryolitas, Fluoric Aluminium of Sulfuric Acid within Reconstruction of TALKO" project on the amount 248, 3 million yuans;

- The European Bank for Reconstruction and Development - the Rehabilitation of Kayrakkumsky Hydroelectric Power Station project on the amount 50, 0 mln. dollars of the USA, the "Management Is Firm — Household Waste of the City of Nurek" project on the amount 2, 0 mln. dollars of the USA, the "Improvement of Water Supply Systems in Tajikistan, Phase — 2 Cities of Khorog" project on the amount 5, 7 mln. dollars of the USA, the "Improvement of Content of Highways" project on the amount 2, 54 mln. dollars of the USA and the "Water Supply Systems of the City of Khujand, Phase III" project on the amount 3, 5 mln. dollars of the USA;

- The European Investment Bank - the CASA1000 project of Ha the amount of 70 million euros;

- Investment climatic fund - the Rehabilitations of Kayrakkumsky Hydroelectric Power Station project on the amount 10, 0 mln. dollars of the USA.

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

2. Main objectives and tasks of the Program

6. Main objective of the Program of the state external borrowings of the Republic of Tajikistan for 2016-2018 is increase in efficiency of control of the course of attraction of external credits to the Republic of Tajikistan and non-admission of uncontrollable accumulating of the external debt expressed in the following principles of 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 already 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 on which implementation the relevant decision of the Government of the Republic of Tajikistan is already made.

7. Effective implementation of this Program, will give the chance in case of financial restrictions of the Government budget and internal, credit reserves to expand social programs of the Government of the Republic of Tajikistan, in parallel giving necessary support to development of the priority sectors of economy determining condition of real economy: transport infrastructure, power and reforming of the agricultural sector.

8. This Program includes 48 existing credit projects and 49 credit agreements which are in project stage. The total total cost of the mastered credits according to the offered Program till January 1, 2015 constitutes - 242, 53 mln. dollars of the USA.

9. Application of funds in 2015 is expected in the amount of 194, 42 mln. dollars of the USA, in 2016 - 294, 09 mln. dollars of the USA, in 2017 - 271, 43 mln. dollars of the USA and in 2018 - 104, 64 mln. dollars of the USA.

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