Tag Archives: Tajikistan

Tajikistan to launch first sovereign debt issue

DUSHANBE, AUG. 30 2017 (The Conway Bulletin) — Brushing aside a worsening banking crisis, Tajikistan said that it was going to launch its first ever sovereign bond .

Commentators said that the Eurobond could be issued at the start of September and have a lifespan of around nine years, although they did not give a coupon value. The cash raised in the Eurobond would go towards funding the construction of the Rogun Dam, one of the biggest hydropower projects in the world.

It will also make Tajikistan the second country in Central Asia, after Kazakhstan, to issue sovereign debt, giving Western investors increased exposure to the region.

Media later said that Tajikistan was aiming to raise $500m through the Eurobond that was likely to have a coupon of around 7.625%.

Shortly after the announcement, ratings agency Moodys, which has Tajikistan at the “highly speculative” investment grade of B3, warned potential investors of the risks involved in a Tajik investment. It said that Tajikistan’s banks were under increased pressure.

“The issuer rating also incorporates the credit challenges posed by institutions that are weak on a global scale, although progress on financial reforms and macroeconomic stability indicate some improvements,” it said.

Over the past 15 months, the Tajik government has rolled out a bailout plan to stop banks from going bankrupt.

The Central Asia region has been recovering from a prolonged economic downturn linked to a recession in Russia and a collapse in oil prices from mid-2014.

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(News report from Issue No. 342, published on Sept. 7 2017)

Iran drops tax on foodstuffs to Central Asia

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SEPT. 4 2017 (The Conway Bulletin) — Iran has lifted an export tax on foodstuffs being sent to Central Asia and the South Caucasus, media quoted Abdollah Mohajer, the head of Mazandaran Province Chamber of Commerce, as saying. The export tax had covered a range of products including pistachio nuts, cabbages, dates and raisins. Ditching the export tax is likely to drop the price of sending foodstuffs to Central Asia by up to 20%. Iran is increasingly trying to tap into Central Asia and the South Caucasus as natural export markets for is various products.

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(News report from Issue No. 342, published on Sept. 7 2017)

Tajikistan boosts intelligence sharing with China

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SEPT. 1 2017 (The Conway Bulletin) — On a trip to Beijing, Tajik president Emomali Rakhmon agreed to a general boost in relations with China that included a clause to increase intelligence sharing. China has been increasing its security and diplomatic efforts across Central Asia over the past few years, part of its ‘Belt and Road’ initiative to boost trade with Europe. Last year it also agreed to build a network of security outposts along Tajikistan’s border with Afghanistan.

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(News report from Issue No. 342, published on Sept. 7 2017)

Tajikistan accuses Iran of meddling in civil war

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AUG. 9 2017 (The Bulletin) — A documentary aired on state TV in Tajikistan accused Iran of meddling in a civil war in the 1990s by sending in assassins to kill various political leaders. Iran immediately denied the allegations which threaten to undermine important Tajikistan-Iran relations. Tajikistan has been holding a series of events commemorating the end of the civil war that led to the rise of Emomali Rakhmon as president.

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(News report from Issue No. 339, published on Aug. 13 2017)

Tajikistan increases anti-headscarf campaign

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AUG. 2 2017 (The Bulletin) — Police in Tajikistan have detained and fined women for wearing hijabs, Islamic headscarves, the Forum 18 News Service reported. Last month, the authorities said they were launching an official campaign against what they described as non-traditional clothing. Forum 18 reported that women have felt “humiliated” for having to remove their headscarves in public.

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(News report from Issue No. 336, published on Aug. 5 2017)

China to pay for new Tajik parliament

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JULY 19 2017 (The Bulletin) — Tajikistan said that China had agreed to give it $230m to build a new parliament building in Dushanbe, more evidence that Beijing is exerting increasing influence in Central Asia by spending billions of dollars on various infrastructure and investment schemes. Earlier this year Tajikistan said that Saudi Arabia was prepared to pay $200m to fund the new parliament building.

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