A report by the World Bank highlights that most large state-owned enterprises (SOEs) in Tajikistan are unprofitable and generate significant fiscal risks, threatening the nation's financial stability.

Thus, “Tajikistan Economic Update: Focusing on the Footprint of State-Owned Enterprises and Competitive Neutrality, Summer 2024” notes that as of early 2024, the total debt of 27 state-owned enterprises monitored by the Ministry of Finance stood at 60.8 billion somonis (over US$5.5 billion), equating to 46.5% of the previous year's gross domestic product (GDP).

Major Debtors:

Barqi Tojik

Debt: Over 37.4 billion somonis (approximately US$3.4 billion)

Details: After restructuring, Barqi Tojik (power utility company) was divided into three independent companies: (i) generation – Open Joint-Stock Company (OJSC) Electric Generation Company; (ii) transmission business – OJSC Electric Transmission Company; and (iii) distribution – OJSC Electric Distribution Company.   Barqi Tojik now focuses solely on electricity generation.

Roghun hydropower plant:

Debt: 9.3 billion somonis (around $850 million)

Other incorrigible debtors include OJSC Tajik Aluminum Company (TALCO), State Unitary Enterprise (SUE) Tajik Railways (state-run railways company) and OJSC Tajiktransgaz (Tajik state-run natural gas distributor)

Combined debt: 2.3 billion somonis (approximately US$210 million) by the end of 2023