Republic of Tajikistan: 2015 Article IV Consultation-Press Release and Staff Report

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

2015 Article IV Consultation-Press Release and Staff Report

Volume/Issue: Volume 2021 Issue 196

Publication date: September 2021

ISBN: 9781513595610

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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 , headline inflation , burden indicator , Tajikistan FSAP update , NBT reform action plan , liquidity lending , transparency policy , Public and publicly-guaranteed external debt , Debt sustainability analysis , Exchange rates , South Asia , Central Asia , Global , Middle East and Central Asia , Europe

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Summary

Growth has been strong and poverty has fallen in the past decade, though Tajikistan faces rising vulnerabilities. Growth is now softening and the external position has weakened dramatically as remittances have fallen with the sharp slowdown in Russia and earnings from cotton and aluminum exports have dropped due to global market developments. The exchange rate is under pressure and international reserves are thin. The fiscal position has been near balance in recent years and debt has been kept low, while fiscal space is becoming limited by rising debt service and contingent liabilities.