Dushanbe (Satrapia) — The total debt of Tajik companies (excluding small businesses) increased by 28.8 bln somoni (more than $3 bln) last year, announced the Tajikistan Statistics Agency.

According to official data, as of January 1, 2019, the total debt on corporate liabilities amounted to approximately 73 bln somoni ($7.7 bln), nearly 28.8 bln somoni ($3 bln) more than during this period in 2017. Corporate debtors (debt to them) at the beginning of this year amounted to only 21 bln somoni ($2.2 bln), after increasing by 6.7 bln somoni ($7.1 mln) over the past year.

The specific volume of unprofitable companies amounted to 25.4% in general. They are mainly companies in manufacturing, construction, transport, warehousing and communications. The share of companies that managed to end 2018 with a profit is not even 60%.

The total balance sheet profits of the country’s large and medium-sized companies amounted to only 1.8 bln somoni ($190 mln) last year.

Barki Tajik is currently the largest debtor of Tajik companies: the energy holding’s debt stood at 23.1 bln somoni (about $2.5 bln) at the beginning of this year. In particular, it owes more than 1 bln somoni ($106 mln) to the Sangtuda hydroelectric power plants and has tax liabilities of 66 mln somoni ($6.9 mln). In addition, the energy holding company owes significant sums to OJSC Orienbank and has debts that have accumulated through the purchase of coal and other fuels.

At the beginning of this year, borrowings from the Ministry of Finance to finance investment projects in the form of loans amounted to 18.5 bln somoni ($1.9 bln). Over the years, these funds have been mobilized for investment projects in electrical energy.