Page 49 - Small Stans and Causcasus Outlook 2022

4.1 Budget and debt - Kyrgyzstan

Kyrgyzstan’s budget deficit for 2022 is planned at KGS9.1bn
($107.3mn), or 1.3% of GDP.

According to the draft budget, expenditures will amount to KGS212bn in
2021, while revenues will amount to KGS203bn in 2022.

The deficit is expected to decrease in 2023, and a surplus of KGS8.3bn
is planned for 2024.

4.2 Budget and debt - Turkmenistan

Turkmenistan will allocate the equivalent of $24bn in 2022 for its state
budget, exceeding the $22.7bn allocated in 2021, state-run newspaper
Neutral Turkmenistan reported.

4.3 Budget and debt - Tajikistan

Tajikistan's lower house of parliament approved the state budget for
2022 on November 24. Budget revenues are projected to stand at
TJS33bn ($2.93bn), 19.4% above budget revenues in 2021.

Tajikistan’s public external debt reached $3.262bn in the third quarter of
2021. Public debt was reported as standing at $3.1bn, with sovereign
debt at $111.4mn.

The Tajik central bank’s debt to the International Monetary Fund (IMF)
amounted to $5.5mn at the end of the third quarter.

According to Tajikistan’s public debt management strategy, public debt
should not exceed 40% of GDP. The country, Central Asia’s poorest, is
reportedly nearing that threshold.

China remains the main lender to Tajikistan, with debt standing at
$1.2bn.

Tajikistan spent $115.1mn servicing external debt in the first half of
2021, including $77.4mn on repayment of principal sums of debt and

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