Tajikistan’s external debt has seen a modest reduction, standing at $3.1 billion as of April 1, 2025 — a decline of $87 million, or 2.7%, from the start of the year, according to data released by the Ministry of Finance.

The country’s debt structure is overwhelmingly composed of direct sovereign borrowing, which accounts for 95.6% of the total. The remaining 4.4% reflects state-backed liabilities, including loans taken by state-owned enterprises with government guarantees.

The People’s Republic of China remains Tajikistan’s largest bilateral creditor, holding roughly $1 billion in outstanding loans. Other key lenders include international financial institutions such as the World Bank, Asian Development Bank (ADB), Islamic Development Bank, and the European Bank for Reconstruction and Development (EBRD).

A prominent component of Tajikistan’s foreign obligations remains the $500 million Eurobond issued in 2017. The bond was primarily used to finance the ambitious Rogun hydropower project, which is central to the country’s long-term energy strategy.

In its 2025 fiscal plan, the government has allocated 4 billion somoni (approximately $385 million) for debt servicing, indicating a continued commitment to meeting its international obligations.

The slight decline in foreign debt suggests measured progress in managing public finances, although Tajikistan remains heavily dependent on external borrowing to fund infrastructure and development. The government has not yet indicated whether it plans to issue additional sovereign bonds or seek new loans in the near future.

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