The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Tajikistan Power Utility Financial Recovery (P168211) EUROPE AND CENTRAL ASIA | Tajikistan | Energy & Extractives Global Practice | Requesting Unit: ECCCA | Responsible Unit: IECE1 IBRD/IDA | Program-for-Results Financing | FY 2020 | Team Leader(s): Artur Kochnakyan Seq No: 2 | ARCHIVED on 25-Feb-2021 | ISR44740 | Created by: Farida Mamadaslamova on 04-Dec-2020 | Modified by: Artur Kochnakyan on 18- Feb-2021 Program Development Objectives Program Development Objective (from Program Appraisal Document) The program development objectives are to improve the financial viability, increase the reliability of electricity supply, and strengthen the governance of BT. Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Implementation Status and Key Decisions The Program became effective on July 1, 2020 and overall implementation of the Project is progressing as planned. Several of the Disbursement Linked Results (DLRs) have already been achieved by the specified deadline and the Task Team reviewed each DLR case by case and is following up with BT and MEWR to ensure that BT is on track to meet the targets for the remaining DLRs to be achieved by March 31, 2021 and June 30, 2021. Due to overall economic and social conditions caused by COVID-19 pandemic, the Government will need to update the Program for Financial Recovery of BT. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P168211 IDA-D5580 Effective USD 134.00 134.00 0.00 34.57 103.43 25% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P168211 IDA-D5580 Effective 25-Feb-2020 05-May-2020 01-Jul-2020 30-Aug-2026 30-Aug-2026 2/25/2021 Page 1 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) DLI Disbursement Achievement Disbursed amount in Disbursement % for DLI ID DLI Type Description Coc DLI Amount Status Coc DLI Loan: IDAD5580-001 DLR 1.1 Cost-recovery 1.1 Regular XDR 7,980,000.00 Not Achieved 0.00 end-user tarriffs DLR 1.2 Cost-recovery 1.2 Regular XDR 2,176,000.00 Not Achieved 0.00 end-user tarriffs DLR 1.3 Cost-recovery 1.3 Regular XDR 1,450,000.00 Not Achieved 0.00 end-user tarriffs DLR 1.4 Cost-recovery 1.4 Regular XDR 725,000.00 Not Achieved 0.00 end-user tarriffs DLR 1.5 Cost-recovery 1.5 Regular XDR 725,000.00 Not Achieved 0.00 end-user tarriffs DLR 1.6 Cost-recovery 1.6 Regular XDR 725,000.00 Not Achieved 0.00 end-user tarriffs DLR 2.1 Revision of SA 2.1 Regular XDR 5,803,000.00 Fully Achieved 0.00 between MOF & BT DLR 2.2 Revision of SA 2.2 Regular XDR 1,450,000.00 Fully Achieved 0.00 between MOF & BT DLR 2.3 Revision of SA 2.3 Regular XDR 1,742,000.00 Fully Achieved 0.00 between MOF & BT DLR 2.4 Revision of SA 2.4 Regular XDR 3,337,000.00 Fully Achieved 3,337,000.00 100 % between MOF & BT DLR 2.5 Revision of SA 2.5 Regular XDR 1,450,000.00 Fully Achieved 0.00 between MOF & BT DLR 2.6 Revision of SA 2.6 Regular XDR 4,062,000.00 Not Achieved 0.00 between MOF & BT DLR 2.7 Revision of SA 2.7 Regular XDR 1,016,000.00 Not Achieved 0.00 between MOF & BT DLR 2.8 Revision of SA 2.8 Regular XDR 4,062,000.00 Not Achieved 0.00 between MOF & BT DLR 2.9 Revision of SA 2.9 Regular XDR 1,016,000.00 Not Achieved 0.00 between MOF & BT DLR 3.1 Reduction of BT's 3.1 Regular XDR 1,422,000.00 Not Achieved 0.00 Cash Deficit DLR 3.2 Reduction of BT's 3.2 Regular XDR 3,047,000.00 Not Achieved 0.00 Cash Deficit DLR 3.3 Reduction of BT's 3.3 Regular XDR 2,640,000.00 Not Achieved 0.00 Cash Deficit DLR 3.4 Reduction of BT's 3.4 Regular XDR 3,047,000.00 Not Achieved 0.00 Cash Deficit DLR 3.5 Reduction of BT's 3.5 Regular XDR 6,093,000.00 Not Achieved 0.00 Cash Deficit 2/25/2021 Page 2 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) DLR 3.6 Reduction of BT's 3.6 Regular XDR 4,062,000.00 Not Achieved 0.00 Cash Deficit DLR5.1 Electricity rcd 5.1 Regular XDR 2,176,000.00 Fully Achieved 2,176,000.00 100 % byBT fr Sangtuda1 DLR5.2 Electricity rcd 5.2 Regular XDR 2,176,000.00 Fully Achieved 2,176,000.00 100 % byBT fr Sangtuda1 DLR5.3 Electricity rcd 5.3 Regular XDR 2,176,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR5.4 Electricity rcd 5.4 Regular XDR 2,176,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR5.5 Electricity rcd 5.5 Regular XDR 1,450,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR5.6 Electricity rcd 5.6 Regular XDR 725,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR5.7 Electricity rcd 5.7 Regular XDR 725,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR5.8 Electricity rcd 5.8 Regular XDR 725,000.00 Not Achieved 0.00 byBT fr Sangtuda1 DLR7.1 MEWR completes 7.1 Regular XDR 2,830,000.00 Not Achieved 0.00 update of GEP DLR7.2 MEWR 7.2 Regular XDR 3,627,000.00 Not Achieved 0.00 approvesupdated GEP DLR7.3 New gen inv 7.3 Regular XDR 2,902,000.00 Not Achieved 0.00 decisions made DLR7.4 New 7.4 Regular XDR 725,000.00 Not Achieved 0.00 gen,transmn,distrib by BT DLR7.5 New 7.5 Regular XDR 363,000.00 Not Achieved 0.00 gen,transmn,distrib by BT DLR7.6 New 7.6 Regular XDR 363,000.00 Not Achieved 0.00 gen,transmn,distrib by BT DLR8.1 Implem good 8.1 Regular XDR 2,902,000.00 Not Achieved 0.00 practice corp gov BT DLR8.2 Implem good 8.2 Regular XDR 3,627,000.00 Not Achieved 0.00 practice corp gov BT DLR8.3 Implem good 8.3 Regular XDR 2,902,000.00 Not Achieved 0.00 practice corp gov BT DLR8.4 Implem good 8.4 Regular XDR 1,450,000.00 Not Achieved 0.00 practice corp gov BT DLR8.5 Implem good 8.5 Regular XDR 725,000.00 Not Achieved 0.00 practice corp gov BT DLR8.6 Implem good 8.6 Regular XDR 363,000.00 Not Achieved 0.00 practice corp gov BT DLR8.7 Implem good 8.7 Regular XDR 363,000.00 Not Achieved 0.00 practice corp gov BT DLR9.1 Improvt BT 9.1 Regular XDR 798,000.00 Fully Achieved 798,000.00 100 % operational&financial 2/25/2021 Page 3 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) DLR9.2 BT 9.2 Regular operational&financial XDR 725,000.00 Not Achieved 0.00 transpar DLR9.3 Improvt BT 9.3 Regular XDR 725,000.00 Not Achieved 0.00 operational&financial DLR9.4 Improvt BT 9.4 Regular XDR 725,000.00 Not Achieved 0.00 operational&financial DLR9.5 Improvt BT 9.5 Regular XDR 363,000.00 Not Achieved 0.00 operational&financial DLR9.6 Improvt BT 9.6 Regular XDR 363,000.00 Not Achieved 0.00 operational&financial Program Action Plan Action Description Establishment of adequately staffed Tariff Unit under AMC Source DLI# Responsibility Timing Timing Value Status Other DLI 1 The Government Due Date 31-Mar-2021 Revised Date IVA report with confirmation that: (a) new legislation and other legal amendments adopted for establishment of the Completion Measurement Tariff Unit are in compliance with requirements of Tajikistan’s laws and regulations; and (b) Tariff Unit is adequately staffed Comments Action Description Hire two additional internal audit staff for BT Source DLI# Responsibility Timing Timing Value Status Within 6 months after Fiduciary Systems BT Other the Program Completed effectiveness Completion Measurement BT hires the additional staff and submit to the Bank the signed contracts Comments Action Description The internal audit staff to pass the national Internal Auditor Certification Source DLI# Responsibility Timing Timing Value Status Fiduciary Systems BT Due Date 30-Jun-2021 Not Yet Due Completion Measurement The internal audit staff receives the required certification and the evidence is submitted to the Bank Comments Revision of specified subsidiary agreements between MOF and BT to mirror the original terms reflected in Action Description international agreements between MOF and financiers. 2/25/2021 Page 4 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Source DLI# Responsibility Timing Timing Value Status Fiduciary Systems DLI 2 MOF and BT Due Date 31-Dec-2022 In Progress The MOF and BT to revise subsidiary agreements as recommended and share the copies of the revised agreements Completion Measurement with the Bank Comments Action Description Corporate governance of BT generation, transmission, and distribution companies is strengthened Source DLI# Responsibility Timing Timing Value Status Fiduciary Systems DLI 8 The Government Due Date 31-Mar-2021 Revised Date (a) Procedures for selection of SB members, appointment procedures, and respective qualification requirements are Completion Measurement developed and approved; (b) Selection of SB members is completed; and (c) SBs form specialized committees Comments Prepare a capacity building and training plan, acceptable to the Bank, for improving the BT staff capacity in longer Action Description term institutional capital budget planning, international Source DLI# Responsibility Timing Timing Value Status Fiduciary Systems BT Due Date 30-Apr-2021 In Progress A fiduciary staff capacity building and training plan, with specifying concrete activities, resources and deadlines, is Completion Measurement developed, agreed with the Bank and approved by BT Comments The Public Procurement Agency would continue working on improvement of standard bidding documents taking into Action Description account the recommendations from the Bank Source DLI# Responsibility Timing Timing Value Status Continuous during the State Procurement Fiduciary Systems Other Program Not Yet Due Agency and BT implementation Standard Biding documents with adequate General Condition of Contract are available and ready for use under the Completion Measurement Program Comments Action Description Create a dedicated section in BT public website to post the information on procurement complaints handling Source DLI# Responsibility Timing Timing Value Status 2/25/2021 Page 5 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Created by 31-May- 2021 and maintained Fiduciary Systems BT Other continuously during Not Yet Due Program implementation Procurement complaints section of BT website publishing info: (i) any procurement related complaints received; (ii) Completion Measurement date, time and place of the complaint review; (iii) status of handling of the complaint; and (iv) decision of complaint review. Comments Outsourcing critical specialized services, such as capacity development support, IVA and audit to the market on a Action Description competitive basis Source DLI# Responsibility Timing Timing Value Status Continuous during Fiduciary Systems BT Other Program In Progress implementation Necessary advisory services procured in a timely manner to support Program implementation and achievement of its Completion Measurement results Comments Develop corporate environmental policy and key guidelines and regulations for BT generation, transmission, and Action Description distribution companies to facilitate adequate environmental performance in implementing rehab, replacement, and upgrade of key assets Source DLI# Responsibility Timing Timing Value Status BT with the Environmental and Social assistance of PMU Due Date 30-Apr-2021 In Progress Systems ES BT, transmission, and distribution companies adopt corporate environmental policy and key environmental Completion Measurement management guidelines and regulations for implementation of T&D rehabilitation and upgrade Comments Hire additional environmental specialists/consultants at BT generation and transmission companies and ensure that Action Description the newly formed generation, transmission and distribution companies also have adequate in-house environmental capacity Source DLI# Responsibility Timing Timing Value Status Environmental and Social BT Due Date 30-Oct-2020 Completed Systems Adequately qualified environmental staff at BT, transmission, and distribution companies ensuring adequate Completion Measurement environmental performance of activities under the Program 2/25/2021 Page 6 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Comments Develop relevant educational modules and organize regular trainings on environmental management for BT Action Description generation and transmission companies, and for their contractors Source DLI# Responsibility Timing Timing Value Status Environmental and Social BT with assistance 30-Mar-2021 and once Other Revised Date Systems of ESPMU per year afterwards. Fully integrated environmental team of skilled personnel providing due environmental performance in three newly Completion Measurement formed companies Comments Annual evaluation, monitoring and reporting of progress on environmental and social issues, especially regarding the Action Description compliance of the Program activities with the environmental legislation and regulations Source DLI# Responsibility Timing Timing Value Status Environmental and Social 30-Apr-2021 and once BT Other Revised Date Systems per year afterwards Annual evaluation, monitoring and reporting of progress on environmental and social issues, especially regarding the Completion Measurement compliance of the Program activities with the extant environmental legislation and regulations Comments MOHSP or the designated agency will carry out analysis of poverty impacts of planned annual tariff increases and Action Description estimate the fiscal cost of protection through TSA and adjustments required to lifeline tariffs Source DLI# Responsibility Timing Timing Value Status By 30-Apr-2021 for Ministry of Health tariff increase effective Environmental and Social and Social Other from 2021 and not later In Progress Systems Protection than July of each year starting from 2021 The results of poverty impact analysis and estimates of the fiscal cost of ensuring that there is no net increase in the Completion Measurement poverty rate due to electricity tariff increases are annually reviewed and adopted by the Government when finalizing the budget Comments TSA rolled out nationally and the refined design of TSA incorporates a mechanism to mitigate the impact of Action Description increasing electricity prices, including corresponding budget allocation Source DLI# Responsibility Timing Timing Value Status 2/25/2021 Page 7 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Environmental and Social MOHSP and MOF Due Date 31-Oct-2020 Delayed Systems Refined design of TSA incorporates a mechanism to mitigate the impact of increasing electricity prices, including Completion Measurement corresponding budget allocation The national roll-out of TSA has been completed. However, the fiscal situation of the Government has deteriorated Comments and, therefore, the Bank team is working with the Government to help design lifeline/increasing block tariff mechanism Development of a lifeline tariff mechanism to mitigate the impact of increasing electricity prices on the poor and Action Description vulnerable Source DLI# Responsibility Timing Timing Value Status Environmental and Social BT, MEWR, and Due Date 30-Apr-2021 In Progress Systems AMC Completion Measurement Lifeline tariff mechanism was developed Comments Action Description Implementation of a lifeline tariff mechanism for residential consumers Source DLI# Responsibility Timing Timing Value Status Environmental and Social BT, MEWR, and September 30, 2021 Other Not Yet Due Systems AMC and onwards Completion Measurement Lifeline tariff mechanism is implemented considering technical constraints Comments Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance High Substantial Substantial Macroeconomic Substantial Substantial Substantial Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary High High High Environment and Social Substantial Substantial Substantial 2/25/2021 Page 8 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Stakeholders Substantial Moderate Moderate Other Substantial Substantial Substantial Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Results Area 1: Achievement of Financial Viability of BT IN00930536 ►Reduction of BT’s cash deficit (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target To be confirmed by the Value audit of 2019 annual Too early to measure Too early to measure 0.00 financial statements Date 31-Dec-2019 10-Jun-2020 31-Dec-2020 31-Dec-2025 Comments Results Area 2: Ensuring Electricity Supply Reliability IN00930537 ►Reduction of equipment failures in electricity transmission and distribution networks of BT (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 2,417.00 1,000.00 2,250.00 1,500.00 Date 31-Dec-2018 31-May-2020 31-Dec-2020 31-Dec-2025 Comments IN00930539 ►Adequate electricity supply received by BT from Sangtuda-1 power plant (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target On track to receive over At least 1,800 Value At least 1,800 GWh/year 1,800 GWh by the end of 2,184.00 GWh/year 2020 Date 31-Dec-2018 31-May-2020 31-Dec-2020 30-Oct-2019 Comments Results Area 3: Strengthening of Governance and Improvement of Transparency of BT IN00930538 ►New generation and T&D capital investment decisions are made by the Recipient considering sound economic, technical, and financial principles (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Procurement of Preparation of Value No consultant to help with generation expansion Yes development of BT plan is underway 2/25/2021 Page 9 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) generation expansion plan would commence in July 2020 Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 31-Dec-2025 Comments Intermediate Results Indicators by Results Areas Results Area 1: Achievement of Financial Viability of BT IN00930540 ►Extent to which end-user tariffs cover the revenue requirement of BT (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 20.00 20.00 20.00 100.00 Date 31-Dec-2018 10-Jun-2020 31-Dec-2019 31-Dec-2025 Comments IN00930543 ►Days of payables outstanding to Sangtuda-1 power plant (Days, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 397.00 397.00 388.00 45.00 Date 31-Dec-2018 31-Dec-2018 31-Dec-2019 30-Dec-2026 The data is as of December 31, 2019 because the most recent audit report is for the Recipient's fiscal year Comments 2019. IN00930545 ►Debt service coverage ratio (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.04 0.04 0.04 1.10 Date 31-Dec-2018 10-Jun-2020 31-Dec-2019 30-Dec-2026 The data is as of December 31, 2019 because the most recent audit report is for the Recipient's fiscal year Comments 2019. Results Area 2: Ensuring Electricity Supply Reliability IN00930541 ►Actual expenditures on repair and upgrade of electricity T&D assets compared to the plan for 2020-2025. (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Will be reported after Value No completion of BT audit Yes Yes for FY2019. Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 30-Dec-2026 2/25/2021 Page 10 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Comments Results Area 3: Strengthening of BT Governance and Improvement of Transparency IN00930542 ►Update and adoption of GEP and preparation and update of T&D network development plans (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Procurement of consultant to support with Preparation of Value No preparation of generation generation expansion Yes plan will commence by plan is in progress end-July 2020 Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 31-Dec-2025 Comments IN00930544 ►BT generation, transmission, and distribution companies have functional Supervisory Boards and the specialized committees (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Underway Underway Yes Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 31-Dec-2025 Comments IN00930546 ►BT discloses key quarterly operational and financial data (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target The data for 2020 will be Value No Yes Yes due by end of the year Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 31-Dec-2025 Comments IN00930548 ►Percentage of citizens who believe that the Program has established effective engagement processes (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 31-Dec-2018 10-Jun-2020 31-Dec-2020 31-Dec-2025 The first survey would be conducted in fall 2021. Comments Disbursement Linked Indicators DLI_IND_TABLE ►DLI 1 DLI 1: Achievement of cost-recovery end-user tariffs (Outcome, 19,000,000.00, 0%) Baseline Actual (Previous) Actual (Current) 2025 2/25/2021 Page 11 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Tariff below cost Value Tariffs below cost recovery Tariff below cost recovery -- recovery Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930550 DLI 1.1 DLR 1.1: (a) At least 12% increase of average end-user tariff for BT; (b) approval of the Electricity Tariff Paper satisfactory; and (c) establishment of an adequately staffed Tariff Unit at AMC (Intermediate Outcome, 11,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 The decree approving tariff increase (weighted average expected at 12%) to be adopted by Dec. 31, 2020; The decree on tariff preparation of Electricity increase is expected to be Value Tariffs below cost recovery -- Tariff Paper is underway; adopted by September 30, establishment of tariff 2021. unit at AMC is underway. All targets under this DLR are expected to be met by Dec. 31, 2020 Date -- 10-Jun-2020 31-Dec-2020 -- This DLR was revised by the Bank (through Program restructuring) according to the request from the Government. Revised DLR 1.1: By September 30, 2021, at least twelve (12) percent increase of average end-user tariff for BT has been adopted by the Recipient. This new deadline is consistent with the Recipient’s request. Amount of financing allocated: SDR 5,480,000. Comments New DLR. 1.7: By June 30, 2021, approval by the Recipient’s government of the Electricity Tariff Paper satisfactory to the Association, with estimated full cost-recovery tariff and tariff adjustment plan to reach full cost-recovery by the end of 2025; and (b) establishment of an adequately staffed Tariff Unit at the Anti- Monopoly Committee (AMC). The Recipient’s request was to specify a deadline of March 31, 2021. However, considering the complexity of the ongoing work, the team proposes to specify a deadline of June 30, 2021. Amount of financing allocated: SDR 2,500,000. IN00930551 DLI 1.2 DLR 1.2: At least annual adjustment of generation, transmission, distribution and end-user tariffs as per new tariff methodology and consistent with targets approved under Electricity Tariff Paper (Intermediate Outcome, 3,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value Tariffs below cost recovery Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- 2/25/2021 Page 12 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Comments IN00930552 DLI 1.3 DLR 1.3: At least annual adjustment of generation, transmission, distribution and end-user tariffs as per new tariff methodology and consistent with targets approved under Electricity Tariff Paper (Intermediate Outcome, 2,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value Tariffs below cost recovery Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930553 DLI 1.4 DLR 1.4: At least annual adjustment of generation, transmission, distribution and end-user tariffs as per new tariff methodology and consistent with targets approved under Electricity Tariff Paper (Intermediate Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value Tariffs below cost recovery Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930554 DLI 1.5 DLR 1.5: At least annual adjustment of generation, transmission, distribution and end-user tariffs as per new tariff methodology and consistent with targets approved under Electricity Tariff P (Intermediate Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value Tariffs below cost recovery Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930555 DLI 1.6 DLR 1.6: At least annual adjustment of generation, transmission, distribution and end-user tariffs as per new tariff methodology and consistent with targets approved under Electricity Tariff Paper (Intermediate Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value Tariffs below cost recovery. Too early to measure Too early to measure -- 2/25/2021 Page 13 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 2 DLI 2: Revision of the Subsidiary Agreements (SA) between the MOF and BT (Output, 33,000,000.00, 0%) Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Revision of 12 Group 1 Revision of Group 1 Value service costs under loans Subsidiary Agreements is Subsidiary Agreements -- received from MOF underway was completed Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930557 DLI 2.1 DLR 2.1: The Recipient converts into equity ownership of BT the outstanding principal amounts and interest payable by BT to MOF for at least ten loans under Group 1 SAs (Output, 8,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Revision of 12 Group 1 Subsidiary Agreements is BT incurs excessive debt underway. The DLR Revision of all Group 1 Value service costs under loans target is expected to be Subsidiary Agreements -- received from MOF met by the original was completed deadline of June 30, 2020 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930558 DLI 2.2 DLR 2.2: The terms of any new financing received by BT from the MOF are aligned with the terms in the respective legal agreements between the Recipient and the financiers (Output, 2,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 The terms of new financing received by BT are aligned with the terms of financing as in the original legal BT incurs excessive debt documents between BT did not receive any Value service costs under loans -- MOF and financiers. new financing in 2020 received from MOF Therefore, the DLR target is expected to be met by the original deadline of June 30, 2020 Date -- 10-Jun-2020 31-Dec-2020 -- 2/25/2021 Page 14 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Comments IN00930559 DLI 2.3 DLR 2.3: The Recipient converts into equity ownership of BT the outstanding principal amounts and interest payable by BT to MOF under additional four loans under Group 1 SAs (Output, 2,400,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Revision of all Group 1 Value service costs under loans Too early to measure Subsidiary Agreements -- received from MOF was completed Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930560 DLI 2.4 DLR 2.4: BT SB adopts formal decision to prohibit BT from receiving new financing from MOF unless terms of such financing are aligned with terms reflected in legal docs between Recipient and financier (Output, 4,600,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Supervisory Board of BT Value service costs under loans Too early to measure adopted the formal -- received from MOF decision Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930561 DLI 2.5 DLR 2.5: The terms of any new financing received by BT from the MOF are aligned with the terms in the respective legal documents between the Recipient and the financiers (Output, 2,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt service costs under loans BT did not receive any Value received from MOF Too early to measure -- new financing in 2020 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930562 DLI 2.6 DLR 2.6: (a) MOF and BT revise terms of ten loans under Group 2 SAs; (b) Recipient converts into equity the difference between original and revised interest payable under each of ten loans (Output, 5,600,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 2/25/2021 Page 15 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) BT incurs excessive debt Value service costs under loans Too early to measure Too early to measure -- received from MOF Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930563 DLI 2.7 DLR 2.7: The terms of any new financing received by BT from the MOF are aligned with the terms in the respective legal documents between the Recipient and the financiers (Output, 1,400,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Value service costs under loans Too early to measure Too early to measure -- received from MOF Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930564 DLI 2.8 DLR 2.8: (a) MOF and BT revise terms of nine additional loans under Group 2 SAs; (b) Recipient converts into equity difference between original and revised interest payable under each of nine loans (Output, 5,600,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Value service costs under loans Too early to measure Too early to measure -- received from MOF Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930565 DLI 2.9 DLR 2.9: The terms of any new financing received by BT from the MOF are aligned with the terms in the respective legal documents between the Recipient and the financiers (Output, 1,400,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT incurs excessive debt Value service costs under loans Too early to measure Too early to measure -- received from MOF Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 3 DLI 3: Reduction of BT's cash deficit (Outcome, 28,000,000.00, 0%) 2/25/2021 Page 16 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Baseline Actual (Previous) Actual (Current) 2025 The baseline cash deficit would be established The baseline cash deficit upon receipt (by Aug 31, was established upon To be confirmed based on 2020) of BT's audited receipt of BT's audited Value the audit of 2019 financial financial statements for -- financial statements for statements Recipient's fiscal year Recipient's fiscal year 2019 and then reduction 2019 of cash deficit would be computed Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930567 DLI 3.1 DLR 3.1: At least 7 percent reduction from the BT’s cash deficit in 2019 (Intermediate Outcome, 1,960,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 The baseline cash deficit would be established The progress with upon receipt of BT's reduction would be To be confirmed based on audited financial measured upon receipt of Value the audit of 2019 financial statements for -- BT's audited financial statements Recipient's fiscal year statements for 2020 (by 2019. The achievement June 30, 2021). of DLR target is too early to measure Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930568 DLI 3.2 DLR 3.2: At least 22 percent reduction from the level of the preceding year (Intermediate Outcome, 4,200,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 To be confirmed based on Value the audit of 2019 financial Too early to measure Too early to measure -- statements Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930569 DLI 3.3 DLR 3.3: At least 35 percent reduction from the level of the preceding year (Intermediate Outcome, 3,640,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 2/25/2021 Page 17 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) To be confirmed based on Value the audit of 2019 financial Too early to measure Too early to measure -- statements Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930570 DLI 3.4 DLR 3.4: At least 50 percent reduction from the level of the preceding year (Intermediate Outcome, 4,200,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 To be confirmed based on Value the audit of 2019 financial Too early to measure Too early to measure -- statements Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930571 DLI 3.5 DLR 3.5: At least 80 percent reduction from the level of the preceding year (Intermediate Outcome, 8,400,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 To be confirmed based on Value the audit of 2019 financial Too early to measure Too early to measure -- statements Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930572 DLI 3.6 DLR 3.6: No cash deficit (Intermediate Outcome, 5,600,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 To be confirmed based on Value the audit of 2019 financial Too early to measure Too early to measure -- statements Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 4 DLI 5: Adequate electricity supply is received by BT from Sangtuda-1 power plant (Outcome, 17,000,000.00, 0%) 2/25/2021 Page 18 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 850 GWh received by BT 2,184 GWh received in Value -- GWh/year in 2013-2017 as of May 31, 2020 2020 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930574 DLI 4.1 DLR 5.1: At least 1,000 GWh is received by BT (Outcome, 3,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 850 GWh received by BT Average of 1,895 as of May 31, 2020. The GWh/year in 2013-2017. 1,090 GWh received by DLR target is expected to Value The DLR target is expected BT by the deadline of -- be met by the original to be met by the original June 30, 2020 deadline of June 30, deadline of June 30, 2020 2020 Date -- 10-Jun-2020 30-Jun-2020 -- Comments IN00930575 DLI 4.2 DLR 5.2: At least 800 GWh is received by BT (Outcome, 3,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 1,094 GWh received by Average of 1,895 850 GWh received by BT Value BT from July 1 to -- GWh/year in 2013-2017 as of May 31, 2020 December 31, 2020 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930576 DLI 4.3 DLR 5.3: At least 1,000 GWh is received by BT (Outcome, 3,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930577 2/25/2021 Page 19 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) DLI 4.4 DLR 5.4: At least 800 GWh is received by BT (Outcome, 3,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930578 DLI 4.5 DLR 5.5: At least 1,800 GWh is received by BT (Outcome, 2,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930579 DLI 4.6 DLR 5.6: At least 1,800 GWh is received by BT (Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930580 DLI 4.7 DLR 5.7: At least 1,800 GWh is received by BT (Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments 2/25/2021 Page 20 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) IN00930581 DLI 4.8 DLR 5.8: At least 1,800 GWh is received by BT (Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Average of 1,895 Value Too early to measure Too early to measure -- GWh/year in 2013-2017 Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 5 DLI 7: Use of technically, economically, and financially sound principles for the Recipient’s investment decision-making in electricity generation, transmission, and distribution (Output, 14,900,000.00, 0%) Baseline Actual (Previous) Actual (Current) 2025 The consultant is expected to mobilize in Preparation of the Nov. 2020 and complete Value No generation expansion plan -- update of GEP by the is underway original deadline of June 30, 2021 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930583 DLI 5.1 DLR 7.1: MEWR completes the update of GEP (Output, 3,900,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 The consultant is expected to mobilize in Preparation of generation Nov. 2020 and complete Value No expansion plan is -- update of GEP by the underway original deadline of June 30, 2021 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930584 DLI 5.2 DLR 7.2: MEWR approves the updated GEP (Output, 5,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 2/25/2021 Page 21 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) The consultant is expected to mobilize in Preparation of generation Nov. 2020 and complete Value No expansion plan is -- update of GEP by the underway original deadline of June 30, 2021 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930585 DLI 5.3 DLR 7.3: New generation investment decisions are made by the Recipient in accordance with the updated GEP; T&D network development plans, based on GEP, are prepared by BT and approved by MEWR (Intermediate Outcome, 4,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value No Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930586 DLI 5.4 DLR 7.4: New generation as well as T&D projects initiated by BT or the Recipient’s government are consistent with the approved plans (Intermediate Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value No Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930587 DLI 5.5 DLR 7.5: New generation as well as T&D projects initiated by BT or the Recipient’s government are consistent with the approved plans (Outcome, 500,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value No Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930588 DLI 5.6 DLR 7.6: New generation as well as T&D projects initiated by BT or the Recipient’s government are consistent with the approved plans (Outcome, 500,000.00, 0%) Unit of Measure: Text 2/25/2021 Page 22 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 Value No Too early to measure Too early to measure -- Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 6 DLI 8: Implementation of good-practice corporate governance at BT (Outcome, 17,000,000.00, 0%) Baseline Actual (Previous) Actual (Current) 2025 SBs are in the process of being established with SBs are in the process of required committees being established with No good-practice corporate Value expected to be formed by required committees -- governance structure Dec. 31, 2020 assuming expected to be formed by COVID-19 does not March 31, 2021 further delay the process Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930590 DLI 6.1 DLR 8.1: SBs are functional and formed specialized committees (audit and compensation committees) at generation, T&D companies, comprising of SB members and chaired by independent SB members (Intermediate Outcome, 4,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 SBs are in the process of being established with SBs are in the process of required committees being established with No good-practice corporate Value expected to be formed by required committees -- governance structure Dec. 31, 2020 assuming expected to be formed by COVID-19 does not March 31, 2021 further delay the process Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930591 DLI 6.2 DLR 8.2: SBs and specialized committees are functional (Outcome, 5,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure Date -- 10-Jun-2020 31-Dec-2020 -- 2/25/2021 Page 23 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Comments IN00930592 DLI 6.3 DLR 8.3: SBs and specialized committees are functional (Outcome, 4,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930593 DLI 6.4 DLR 8.4: SBs and specialized committees are functional (Outcome, 2,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930594 DLI 6.5 DLR 8.5: SBs and specialized committees are functional (Outcome, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930595 DLI 6.6 DLR 8.6: SBs and specialized committees are functional (Outcome, 500,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure 2/25/2021 Page 24 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930596 DLI 6.7 DLR 8.7: SBs and specialized committees are functional (Outcome, 500,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 No good-practice corporate Value Too early to measure Too early to measure -- governance structure Date -- 10-Jun-2020 31-Dec-2020 -- Comments ►DLI 7 DLI 9: Improvement of BT's operational and financial transparency (Outcome, 5,100,000.00, 0%) Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key BT will be publishing the BT started publishing the Value operational and financial data in due course by the operational and financial -- data specified deadlines data Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930598 DLI 7.1 DLR 9.1: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2019 (Output, 1,100,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key BT published the Value operational and financial Too early to measure operational and financial -- data data for 2019 Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930599 DLI 7.2 DLR 9.2: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2020 (Output, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key Value operational and financial Too early to measure Too early to measure -- data 2/25/2021 Page 25 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930600 DLI 7.3 DLR 9.3: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2021 (Output, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key Value operational and financial Too early to measure Too early to measure -- data Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930601 DLI 7.4 DLR 9.4: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2022 (Output, 1,000,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key Value operational and financial Too early to measure Too early to measure -- data Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930602 DLI 7.5 DLR 9.5: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2023 (Output, 500,000.00, 0%) Unit of Measure: Text Indicator Type: Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key Value operational and financial Too early to measure Too early to measure -- data Date -- 10-Jun-2020 31-Dec-2020 -- Comments IN00930603 DLI 7.6 DLR 9.6: BT publishes on its website the key quarterly operational data and quarterly un-audited financial statements for 2024 (Output, 500,000.00, 0%) Unit of Measure: Text Indicator Type: 2/25/2021 Page 26 of 27 The World Bank Implementation Status & Results Report Tajikistan Power Utility Financial Recovery (P168211) Baseline Actual (Previous) Actual (Current) 2025 BT does not publish the key Value operational and financial Too early to measure Too early to measure -- data Date -- 10-Jun-2020 31-Dec-2020 -- Comments 2/25/2021 Page 27 of 27