S&P Analysts Arrive in Dushanbe to Review Tajikistan’s Sovereign Credit Rating

The National Bank of Tajikistan (NBT) has announced that a delegation from Standard & Poor’s (S&P) international credit rating agency arrived in Tajikistan’s capital to assess the country’s sovereign credit rating.

S&P analysts held talks with NBT Chairman Firdavs Tolibzoda, focusing on the current state of Tajikistan’s banking sector, monetary policy, inflation dynamics, financial stability indicators, and the country’s inflation-targeting regime, The Caspian Post reports, citing Tajik media.

“The sides discussed the overall health of the financial system, macroeconomic trends, and the country’s approach to managing international reserves,” the NBT noted in a statement.

Despite global political and economic uncertainties, Tajikistan continues to maintain steady economic and financial growth, the statement added.

The evaluation will take into account a range of factors, including the country’s economic trajectory, profitability of the banking sector, management of international reserves, and ongoing reforms. Regional and national characteristics will also be considered.

Headquartered in New York, Standard & Poor’s is one of the world’s top five credit rating agencies. Under an existing bilateral agreement, it conducts annual assessments of Tajikistan’s sovereign creditworthiness, assisting evaluate its economic environment and degree of financial resilience.

The resulting analytical report is a key tool for attracting foreign investment and improving the country’s access to international capital markets.

According to the Ministry of Finance, Tajikistan’s external debt as of April 1, 2025, stood at $3.101 billion, down $87 million or 2.7 per cent since the start of the year. The lion’s share (95.6 per cent) is sovereign debt, while 4.4 per cent is state-guaranteed obligations.

China remains Tajikistan’s largest creditor, with loans totaling around $1 billion. Other key creditors include the World Bank, Asian Development Bank, Islamic Development Bank, and the European Bank for Reconstruction and Development (EBRD).

The country also holds an outstanding Eurobond worth $500 million, issued in 2017 to fund the construction of the Rogun Hydropower Plant, one of Tajikistan’s flagship infrastructure projects.