Tajikistan Plans Major External Debt Repayment in 2026

Tajikistan intends to allocate $548 million in 2026 to repay the principal part of its external debt, according to the draft version of the country’s state budget.

This amount represents one of the largest annual external debt repayments the republic has faced in recent years, The Caspian Post reports, citing The Times of Central Asia.

The bulk of the repayment will come directly from the national budget. Additionally, a share of the funds will be provided by state-owned companies and enterprises that had previously obtained sub-loans backed by government guarantees. These organizations are now contributing to the repayment process.

In addition to external debt, Tajikistan’s domestic obligations in 2026 are projected at more than $51 million. Of that amount, $16 million will be serviced from the budget, while the remaining $34.5 million will be financed through the Ministry of Finance’s deposits at the National Bank of Tajikistan, as well as revenue from the sale and lease of assets belonging to the now-liquidated Agroinvestbank and Tajiksodirotbank, both of which have been transferred to state ownership.

Despite these substantial repayments, Dushanbe plans to continue attracting foreign financing for development purposes. More than $678 million is earmarked for state investment projects in 2026, with funding to be directed toward the energy, infrastructure, and social sectors.

According to the Ministry of Finance, as of October 1, Tajikistan’s total external debt stood at $3.037 billion, down $151 million, or 4.7%, from the beginning of the year. The figures indicate a gradual reduction in the country’s debt burden.

The vast majority of the debt, 95.5%, or nearly $2.9 billion, is classified as direct government debt. Debt secured by state guarantees amounts to slightly over $138 million.

China remains Tajikistan’s largest creditor, with over $700 million in outstanding loans. Other major lenders include the World Bank, the Asian Development Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development.