Republic of Tajikistan: 2019 Article IV Consultation-Press Release and Staff Report

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

2019 Article IV Consultation-Press Release and Staff Report

Volume/Issue: Volume 2021 Issue 200

Publication date: September 2021

ISBN: 9781513595931

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , debt vulnerability , medium debt-carrying capacity , bank governance , NBT reform action plan , depositor confidence , A , exchange rate Policy , dynamics equation , debt recording , Exchange rate flexibility , Exchange rates , Global , Central Asia

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Summary

Reported economic activity has been strong in 2018-19 and inflation has picked up. The monetary framework is being strengthened. The external position has deteriorated. The fiscal deficit has widened as revenues have declined. Reforms to place the loss-making energy sector on a sound financial footing are underway. The authorities’ development strategy relies on large infrastructure projects— Roghun dam and other large SOE-implemented projects — that need sizable external financing. The financial sector is recovering from the 2015-16 crisis, with a decline in nonperforming loans and improved profitability. The authorities are making efforts to strengthen bank supervision and regulation. However, two formerly-systemic banks remain insolvent and further reforms are needed to restore public confidence in banks.