Russia-led Eurasian Development Bank (EDB) will provide a $40mn loan to support Tajikistan’s 2016 budget, the bank said in a statement on August 5.
The Tajik government is known for relying on international donors to fill budgetary gaps. The government only succeeded to meet its budget goals for 2015 thanks to a $60mn budgetary assistance from the Asian Development Bank granted to the country in December.
The EDB lending will come in two tranches of $20mn. The country will receive the first tranche in August and the second tranche in September, the statement read.
Tajikistan’s foreign debt increased to $2.28bn in the first half of 2016 from $2.1bn a year earlier. The gain pushes foreign debt up to 35.9% of GDP, which is far in excess of the Tajik government’s goal to maintain debt below 17.3% of GDP in 2016. The increase in the first half of the year was likely at least partially driven by the need to rescue the country’s ailing banking sector.
During a visit to Dushanbe on August 3-5, EDB board chairman Dmitry Pankin met with Tajik Prime Minister Kokhir Rasulzoda and Finance Minister Abdusala Kurboniyon to discuss potential investment projects. These include, in particular, funding for the upgrade of the country's largest hydropower plant Nurek hydropower plant, which will require over $600mn.
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