In September 2021, FSVC obtained funding from the U.S. Embassy in Dushanbe for a program to strengthen and systematize the debt management and forecasting practices of the Government of Tajikistan.

FSVC’s program focuses on the following objectives:

  • Help the Ministry of Finance (MoF) implement a modern debt management system utilizing international best practices in debt analysis and forecasting;
  • Train MoF staff in professional development to more efficiently employ the new debt management system and utilize best practices in debt analyses and forecasting; and
  • Improve the MoF’s public debt reporting system to publish regular, open-source debt reports.

Program Impact

FSVC’s program has resulted in the following achievements:

– Improved Understanding of Effective Debt Management Practices

Thanks to FSVC’s assistance, members of the MoF’s Public Debt Directorate and the National Bank of Tajikistan have developed a stronger understanding of effective debt management practices, including debt sustainability analysis, debt securities market and public investment management.

– Procured Equipment to Operationalize Modern Debt Management Practices

FSVC procured hardware equipment and Oracle subscriptions to enable the MoF to adopt the DMFAS 6 software, a critical component of modernizing debt management practices in Tajikistan.

– Contributed to Tajikistan’s Debt Management Policy

FSVC worked closely with the MoF’s Main Department of Public Debt and Attracting Public Investment to review and amend the law “On Public and Publicly Guaranteed Debt” to include procedures for on-lending operations, credit risk assessment, forgiving non-performing debt, and other aspects of debt management not previously addressed in the law. The amended Law was approved by Tajikistan’s Cabinet in June 2022 and by Parliament in December 2022.