EFSD and Republic of Tajikistan Sign USD 200 Million Loan Agreement
On August 13, 2026, the Eurasian Fund for Stabilization and Development (EFSD) and the Republic of Tajikistan signed a loan agreement in Dushanbe for USD 200 million. The financing has a twenty-year term, including a ten-year grace period, at an interest rate of 1 percent per annum. The agreement was signed during a visit to the Republic of Tajikistan by Iaroslav Mandron, Managing Director of EFSD.
"This is the first loan agreement for budget support signed since the Fund's reform, and it fully reflects EFSD's mandate to maintain macroeconomic and financial stability in the region," said Iaroslav Mandron, Managing Director of EFSD. "The loan proceeds will finance budget expenditures, including the maintenance of priority social spending, which is especially important given the pressure on fiscal accounts due to Eurobond repayments."
The financing supports the macroeconomic stabilization program and structural and institutional reforms being implemented by the Government of the Republic of Tajikistan and the National Bank of Tajikistan for 2025–2027. Loan proceeds will be disbursed in three tranches during 2026–2027, contingent on the implementation of program measures.
The program comprises twelve measures across three areas: "Macroeconomic Stability," "Fiscal Policy and Reduction of Quasi-Fiscal Risks," and "Enhancing the Transparency of Macroeconomic and Structural Policy," reflecting the current priorities of the Government of the Republic of Tajikistan and the National Bank of Tajikistan.
