DUSHANBE, November 28, 2012, Asia-Plus  -- Despite a considerable amount of debts accumulated, the Tajik government is not going to discontinue the practice of foreign borrowing, and is planning to borrow another 1.576 billion USD within the next three years.

The lower house (Majlisi Namoyandagon) of the parliament (Majlisi Oli) has endorsed the government’s borrowing program designed for 2013-2015.

A regular sitting of the fourth session of the Majlisi Namoyandagon of the fourth convocation, presided over by its head, Shukurjon Zuhurov, was held on November 28.

Presenting the draft government’s borrowing program, the First Deputy Minister of Finance, Jamoliddin Nouraliyev, noted that the government intended to attract 1.576 billion USD in loans and grants for development of the country’s economy within the next three years.

“Before the end of this year, the government will attract 95.8 million USD in loans,” said the deputy minister, “187 million USD will be attracted in 2013, 145 million USD in 2014 and 127.7 million USD in 2015.”

Nouraliyev stressed that the main creditors would be the Asian Development Bank (ADB), the World Bank (WB), the International Monetary Fund (IMF), the Islamic Development Bank (IsDB), and the European Bank for Reconstruction and Development (EBRD).

According to him, the loans will go mainly to supporting enhancement of the agrarian, energy, health and educational sectors of the country.

“Within the next three years, Tajikistan will receive 624.6 million U.S. dollars in grants,” Nouraliyev noted.

After a comprehensive discussion, the deputies of the Majlisi Namoyandagon unanimously approved the draft government’s borrowing program.