Farm Debt in Transition: The Problem and Possible Solutions
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The purpose of this report is to inform the debate around the issue of cotton farm debt in Tajikistan by describing the experience of other countries that had to contend with farm debt overhangs in the 1980s and the 1990s. The countries described in the report are five CIS transition countries (Belarus, Kazakhstan, Moldova, Russia, and Ukraine) and one market economy (Israel). The discussion will show that the farm debt issue is not strictly a transition economy phenomenon. The problem can occur in market economies, if the state pursues policies directed toward the expansion of farm production without heed to creditworthiness of the farms. The basic reasons that led to debt accumulation in CIS and in Israel remain valid to this day, and the policy solutions implemented in these countries are relevant for Tajikistan.