Economy / Tajikistan

Tajikistan increases budget financing of fuel and energy complex

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1-11-2018, 14:24
32

The fuel and energy complex (FEC) of Tajikistan dominates among other industries in terms of financing from the state budget for 2019.

Tajikistan increases budget financing of fuel and energy complex

The amount of financing of FEC is provided in the amount of more than 4.2 billion somoni ($445.8 million), according to the draft state budget of the country for next year, which is now being studied by the government of the republic.

However, the Ministry of Finance notes that, as in previous years, the state budget will retain its social character: it is planned to allocate about 10.4 billion somoni ($1.1 billion) to the development of the social sphere, which is almost 44 percent of budget expenditures.

The ministry said that the financing of FEC from all sources in the next year is provided in the amount of more than 4.2 billion somoni ($445.8 million).

About 725 million somoni ($76.6 million) will be sent to meet the needs of the agricultural industry, and 618 million somoni ($65.3 million) - transport and communications.

The total amount of the state budget expenditure for 2019 is planned in the amount of about 23.8 billion somoni ($2.5 billion). This figure exceeds the approved budget expenditures of the current year by almost 2.5 billion somoni ($264.2 million).

The sustainable economic growth of Tajikistan depends on the formation and use of the potential of FEC, the balanced use of local and imported energy resources. Under these conditions, the strategic task of diversifying the fuel and energy sector of Tajikistan is being put forward as one of the key areas of state economic policy.

FEC ensuring all spheres of the state’s vital activity, its energy independence, largely determines the economic and national security of the country. This security is guaranteed and uninterrupted supply of fuel and various types of energy for all sectors of the economy in the amounts and quality that are required in these economic conditions under normal and emergency circumstances, as well as eliminating the likelihood of threats that lead to disruption of energy supplies.

The FEC of Tajikistan is burdened with problems typical for sectors of countries with transition economies: high depreciation of fixed assets, lack of financial resources for the development of deposits and the development of energy enterprises; low energy efficiency; chronic underfunding of current activities; lack of qualified personnel, etc.

The most important task is the need to intensify geological exploration for oil, increase its production, as well as restore and develop existing coal production facilities. To successfully achieve these goals, it is necessary to revise the applied tools and methods of state regulation of industrial and energy development of Tajikistan.

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