The Government of Tajikistan instructed the country’s Ministry of Finance to transfer 77.5 million somoni (about $7.3 million) to replenish the authorized capital of Rogun HPP OJSC.
The government decree, which was published on the legal information portal of the country’s Ministry of Justice, states that these funds are directed from the Stabilization Fund for Economic Development, which, in turn, receives them from the republican budget, where they come from dividends of state shares.
The document notes that part of these funds (42.3 million somoni) will be used “to reduce financial obligations to contractors and suppliers of goods.”
The remaining 35.2 million somoni are planned to be used in 2025 to service debt on Eurobonds, which were raised in 2017 for the completion of the Rogun hydroelectric power station.
Let us note that this is the third transfer of budget money for the needs of Rogun HPP OJSC since the beginning of this year through the Stabilization Fund for Economic Development.
Thus, in January of this year, the government, by its decree, instructed to send 100 million somoni (over $9.1 million) to Rogun at the expense of the fund, and in April – 60 million somoni (more than $5.5 million).
Let us note that contributions to the Stabilization Fund for Economic Development come from overfulfillment of the revenue side of the republican and local budgets. The state budget for 2024 establishes that 25% of such funds are allocated to the Fund.
The funds from this Fund are usually allocated to the development of the fuel and energy industry, ensuring food security in the republic, the development of social sectors and the timely provision of servicing of the state external debt.
According to the Ministry of Finance, it is planned to allocate 5 billion somoni ($456 million) to finance the Rogun project during this year.
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It is expected that 2.2 billion somoni will be allocated by attracting external financing, and the rest from the state budget.
In 2023, it was planned to allocate 2.5 billion from the budget for the completion of the hydroelectric power station, however, according to the leadership of the Ministry of Finance, it became possible to increase this amount to 5.2 billion somoni.
According to the Ministry of Energy, $1 billion must be allocated to Rogun annually, and in total, $6.2 billion will be required to fully implement the project.
According to the country’s government estimates, since 2008, when the Rogun project was resumed, more than 40 billion somoni have been allocated for the completion of the station.
