Tajikistan is preparing a new privatization program for large state-owned enterprises, with loss-making Tajik Air under review for private capital. The options on the table include partial equity sales, public-private partnerships and strategic investors, but the final list of enterprises has not been approved. Tajik Air, the state carrier, posted 2023 revenue of 2.4 million somoni and a loss of 29.6 million somoni, and any transaction would likely require fleet renewal, working capital, restored operating certificates and crew training. The move sits inside a broader effort to cut fiscal burdens and stabilize a sector burdened by debt and weak returns.