_BIOGRAPHY at his position, he oversees fiscal policy, public finance reforms, and international economic cooperation. Born in 1971, he holds advanced degrees in economics and previously held senior roles in the Ministry of Finance, National Bank, and tax authorities. Under his leadership, Tajikistan has strengthened macroeconomic stability, modernized public financial management, and advanced strategic projects.

“WE WILL ADVANCE GOVERNANCE REFORMS TO SUSTAIN A COMPETITIVE, TRANSPARENT INVESTMENT CLIMATE. THIS MEANS EMBEDDING OUR MODERN TAX CODE, ENSURING CONSISTENT APPLICATION OF BUSINESS-FRIENDLY REGULATIONS, AND MAINTAINING PRUDENT DEBT MANAGEMENT.”

WHAT MEASURES HAS THE MINISTRY IMPLEMENTED TO STRENGTHEN TAJIKISTAN’S FINANCIAL STABILITY AND MAKE THE ECONOMY MORE ATTRACTIVE TO INVESTORS?

Under the leadership of President Emomali Rahmon, the government has placed economic growth and stability at the heart of its agenda. In 2024, GDP grew by 8.4 percent, marking the fourth consecutive year of growth above eight percent. This performance reflects targeted policies to stimulate industry, agriculture, and mining through tax incentives, the creation of free economic zones, and strong support for the private sector. Sustaining high growth is raising incomes, reducing poverty, and reinforcing investor confidence in the country’s economic trajectory.

At the same time, the Ministry has pursued fiscal discipline by keeping budget deficits low and achieving a small surplus in 2024, which has helped reduce public debt to around 25 percent of GDP—down from 50 percent only a few years ago. Borrowing is now focused on concessional loans, ensuring sustainability and freeing resources for development. A new, investor-friendly Tax Code has lowered the VAT rate from 15 to 14 percent while simplifying the system and broadening the tax base. The expansion of digital tax administration, including e-filing systems and real-time cash registers, has made compliance easier, improved transparency, and kept revenues stable despite lower rates.

Public financial management reforms have integrated strategic planning into budget processes, introduced performance-based budgeting, and shifted government securities issuance to transparent, market-based auctions, helping to develop a domestic bond market. Debt management has been strengthened through regular domestic bond issuances, reducing reliance on external borrowing. Importantly, Tajikistan has met all its repayment obligations on time, including the first scheduled payment on the 2017 Eurobond in 2025, sending a strong signal of creditworthiness.

Transparency has also been significantly improved. The Ministry now publishes detailed budget execution reports and annual Fiscal Risk Statements, expanding oversight of state-owned enterprises from 27 to 77 entities and introducing merit-based selection for their boards. The adoption of modern IT systems across the Ministry has enhanced financial discipline and accountability. Collectively, these measures have strengthened Tajikistan’s macroeconomic fundamentals and created a more resilient, investment-friendly environment.

HOW IS THE MINISTRY SUPPORTING THE DEVELOPMENT OF A STRONGER, MORE INCLUSIVE FINANCIAL SECTOR THAT IMPROVES ACCESS TO CAPITAL FOR BUSINESSES AND INVESTORS?

We have embarked on comprehensive reforms to modernize and deepen the financial sector, focusing on stability, inclusion, and improved access to capital. A resilient financial system is essential for business growth and investment attraction. To this end, we have tightened banking regulations, aligned prudential standards with international norms, and resolved troubled banks to restore depositor confidence. Stronger supervision and governance have reduced non-performing loans, increased capital adequacy, and placed banks on a firmer footing to lend to the real economy.

Recognizing the need for alternative funding sources, we have moved to transparent auctions for government securities, issuing significant volumes of local currency bonds to establish a sovereign yield curve. This will eventually allow corporations to raise capital domestically and broaden the investor base. We are also enhancing the regulatory framework for securities and insurance to diversify financial instruments available to the market.

Financial inclusion is another priority. The National Financial Inclusion Strategy is extending services to small businesses, rural areas, and underrepresented groups, with targeted credit lines for women-led enterprises and youth startups, supported by institutions like the EBRD and IFC. Efforts to improve financial literacy and consumer protection ensure these services are used effectively.

Public-private partnerships are being encouraged through a modern PPP law, a dedicated council, and an expanding pipeline of bankable projects in renewable energy, transport, and municipal utilities. Digital finance is also central to our vision, with updated regulations enabling mobile banking, e-wallets, and online lending. Today, citizens can open accounts, make payments, and receive remittances entirely via mobile platforms, supported by robust cybersecurity and consumer protection measures. These innovations are widening access, reducing costs, and opening new avenues for investment, including opportunities for venture capital in fintech.

INTERNATIONAL PARTNERSHIPS HAVE BEEN CRITICAL IN ADVANCING PROJECTS LIKE THE ROGUN HYDROPOWER PLANT. HOW DO THESE COLLABORATIONS ALIGN WITH TAJIKISTAN’S LONG-TERM GOALS?

Strategic projects such as the 3,780 MW Rogun Hydropower Plant are central to our long-term vision of energy self-sufficiency and becoming a major exporter of clean power in Central Asia. We have engaged with twelve international financial institutions to mobilize more than three billion dollars for Rogun, with agreements already signed for over 900 million dollars in loans and grants from partners including the World Bank, Asian Infrastructure Investment Bank, Islamic Development Bank, and the Saudi and Kuwait Funds. Negotiations are underway for additional financing from the European Investment Bank, the Government of Italy, the Abu Dhabi Fund for Development, and the Asian Development Bank, whose anticipated half-billion-dollar grant underscores the project’s priority status.

These partnerships bring not only funding but also global expertise and oversight, ensuring the project meets rigorous technical, environmental, and social standards. Once complete, Rogun will double Tajikistan’s electricity generation capacity, provide reliable power nationwide, and create a significant surplus for export. Agreements such as the one signed with Kazakhstan to purchase Rogun electricity illustrate how the project will foster regional energy cooperation. It will also contribute to reducing carbon emissions, reinforcing Tajikistan’s position as a leader in green energy development in the region.

WHAT REFORMS ARE YOU PRIORITIZING TO STRENGTHEN INVESTOR CONFIDENCE AND ENSURE ECONOMIC STABILITY?

Predictability and transparency are the foundations of investor trust. We have institutionalized fiscal discipline with a deficit ceiling of 2.5 percent of GDP, reduced public debt sharply, and maintained foreign exchange reserves covering more than seven months of imports. Our Medium-Term Debt Management Strategy and Fiscal Risk Management Program ensure that all obligations are met without compromising stability.

Transparency has been elevated through open publication of budget proposals, approved budgets, year-end reports, and procurement data. The Fiscal Transparency Portal offers real-time information on public finances, while the Supreme Audit Institution’s role has been strengthened to ensure follow-up on findings. Our tax system has been simplified, rates reduced, and administration digitized to make compliance easier and more predictable.

State-owned enterprise governance has also improved, with expanded oversight, adoption of international accounting standards, and merit-based board appointments. International cooperation further reinforces policy credibility. Our Policy Coordination Instrument with the IMF and a Development Policy Operation with the World Bank both signal strong commitment to reforms that align with international best practices.

LOOKING AHEAD, WHAT ARE THE MINISTRY’S PRIORITIES FOR THE NEXT FIVE YEARS?

We will maintain fiscal stability while modernizing public financial systems through digital transformation, ensuring that resources are efficiently managed and directed toward essential sectors such as education, healthcare, and infrastructure. Completing the Rogun Hydropower Plant and scaling up renewable energy capacity will secure domestic supply and enable large-scale electricity exports, attracting energy-intensive industries and new revenue streams.

We aim to diversify exports beyond traditional commodities, invest in trade facilitation infrastructure, and deepen regional economic integration through improved transit agreements and harmonized customs procedures. The financial sector will continue to expand in depth and inclusivity, with new products such as corporate bonds, insurance, and venture capital, alongside fintech innovations that extend services to underserved communities.

Finally, we will advance governance reforms to sustain a competitive, transparent investment climate. This means embedding our modern tax code, ensuring consistent application of business-friendly regulations, and maintaining prudent debt management. By balancing ambitious development with sound financial policy, Tajikistan will consolidate its reputation as a stable, transparent, and attractive destination for investment, contributing not only to domestic prosperity but to regional growth and connectivity.