The article is dedicated to retrospective, evaluation and analyze of the External debt (ED)situation of the Republic of Tajikistan (RT) for the period of its independence, covering 1991 – 2011 years. The analysis shows that at the moment of finding independence Tajikistan has not ED, but termination of significant budget transfers admitted in the Soviet period and civil war led to the rapid accumulation of debt. In recent years, there are positive changes in the transparency of information about ED of the RT, confirmation of it is preparation and publication of reports on its ED position. The current system of evaluation criteria and analysis of ED is imperfect, because the denominator of three of the four criteria are taken into account receipts (revenues) from exports and how more last, so will have lower values of these criteria and, accordingly, position of countries looks better. However, here is not taken into account the product structure of export, which, for example, for Tajikistan and other former Soviet countries is mainly dominated by raw materials and products with a low degree of processing. Therefore, author offers an alternative system, which complements existing and allows more reliably estimate and analyze of this phenomenon