EFSD Director Yaroslav Mandron and Tajikistan’s Minister of Finance Fayziddin Qahhorzoda after signing the loan agreement. Photo: Press service of the Ministry of Finance of Tajikistan
The Eurasian Fund for Stabilization and Development (EFSD) has disbursed an initial $100 million tranche of a stabilization loan to Tajikistan. The 20-year facility carries an annual interest rate of 1% with a 10-year grace period, the EFSD press service reported.
The funds were transferred on October 30, 2026. The loan is designed to support the macroeconomic stabilization and structural reform program implemented by the Government of Tajikistan and the National Bank of Tajikistan for 2025–2027.
Earlier, in August 2026, the parties signed a loan agreement totaling $200 million. The financing is structured in three stages: an initial $100 million tranche, followed by two installments of $50 million each.
The reform program supported by the facility outlines 12 key measures across three priority areas: Macroeconomic Stability, Fiscal Policy and Mitigation of Quasi-Fiscal Risks, and Enhancing the Transparency of Macroeconomic and Structural Policies.
The EFSD is a $9.8 billion regional financing mechanism established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The fund provides member states with financial support to ensure macroeconomic and financial stability. Tajikistan has previously drawn on EFSD resources to support its budget and social spending, as well as to finance energy and infrastructure projects.
