This issue was discussed on August 28 in Dushanbe at a special meeting chaired by Tajikistan’s First Vice Prime Minister Hakim Kholikzoda, according to the State Committee for Investment and Management of State Property.
At the meeting, representatives of government bodies and development partners reviewed the possible consequences of changes in the global situation for the country’s economy.
It was noted that an increase in geopolitical tensions, including risks related to the situation in the Middle East, could affect fuel and food prices, transportation and logistics costs, foreign trade, and investment flows.
Meeting participants discussed measures that would help reduce possible negative consequences and ensure the sustainability of economic programs implementation.
Special attention was paid to issues of attracting additional financing and reviewing the portfolio of state investment projects in light of the changing global situation.
However, the State Committee for Investment’s statement does not indicate that a decision to review the portfolio has already been made. The discussion concerns only the consideration of such an approach and an assessment of possible risks.
The meeting also examined opportunities for expanding the use of various financial instruments — including grant and concessional financing, public-private partnerships, and blended financing.
Meeting participants noted that an important direction remains the search for additional sources of financing to support priority projects and maintain the pace of economic development.
According to State Committee for Investment data, as of the beginning of 2026, Tajikistan was implementing 82 state investment projects with a total cost of 43.2 billion somoni (approximately $4.68 billion).
Of these, 55 projects were fully financed through grants, five through loans, and another 22 involved blended credit-grant financing.
Grants accounted for 28.8 billion somoni, or 66.7% of the total portfolio value, loans accounted for 12.9 billion somoni, or 30%. The Government of Tajikistan’s contribution made up approximately 1.4 billion somoni.
The agency has not yet clarified which specific projects may be affected by a possible review and whether changes will be made to their implementation.
