Republic of Tajikistan: 2013 Article IV Consultation-Press Release and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

2013 Article IV Consultation-Press Release and Staff Report

Volume/Issue: Volume 2021 Issue 195

Publication date: September 2021

ISBN: 9781513595566

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , burden indicator , NBT reform action plan , flows shock , creating flow , headline inflation , NBT website , IMF's transparency policy , NBT internal audit , policy discussion , NBT Law , fund request , remittance inflow , Debt sustainability analysis , Monetary statistics , Global , Central Asia and the Caucasus

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Summary

Tajikistan successfully completed a 3-year ECF-supported program in May 2012 and needs to continue with ambitious reforms. While growth is robust, it is non-inclusive, leading to large-scale outmigration that makes Tajikistan the most remittance-dependent country in the world. The country remains the poorest of the eight in the Caucasus and Central Asia (CCA) and stands next to last among the seven with rankings in the ease of doing business. Reliance on commodity imports, a narrow export base, and low buffers leave the economy vulnerable. Weak macroeconomic policy frameworks restrict the authorities’ ability to dampen shocks. State-directed lending and investment displace market-financed activity and create fiscal risks. Presidential elections are scheduled for November.