Browse

You are looking at 1 - 9 of 9 items for :

  • Tajikistan, Republic of x
  • Saving and investment x
Clear All
International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Ara Stepanyan, Agustin Roitman, Gohar Minasyan, Ms. Dragana Ostojic, and Mr. Natan P. Epstein
In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) and, to a lesser extent, on Baltic countries. The spillovers to eastern Europe have been limited. The degree of impact is commensurate with the level of these countries’ trade, remittances, and foreign direct investment (FDI) links with Russia. So far, policy action by the affected countries has focused on mitigating the immediate consequences of spillovers.
International Monetary Fund
This paper on the First Assessment Under the 2008 Staff-Monitored Program (SMP) for the Republic of Tajikistan discusses the ongoing global financial crisis. The main purpose of the SMP is to allow the authorities to reestablish their credibility after a serious episode of misreporting to the IMF. Revenue collection was stronger than projected, mostly reflecting high nominal growth and imports. Monetary and exchange rate policies will have to focus on maintaining external stability. Moreover, a possible sharp depreciation of main trading partners’ currencies may require further exchange rate adjustment.
International Monetary Fund
The proposed Staff-Monitored Program (SMP) in Tajikistan includes a balanced budget objective with a view to securing the inflation goal. While public financial management has improved, there is an agreement that monitoring and corporate governance of state-owned enterprises should be enhanced. Monetary policy will aim at containing inflation by targeting reserve money while building up official foreign exchange reserves. To mitigate risks of future debt problems, the program includes a well-defined and cautious debt strategy. The authorities are taking steps to reinvigorate their cotton sector reform efforts.
International Monetary Fund

The 2006 Article IV Consultation on the Republic of Tajikistan explains political and economic developments. Although Tajikistan’s external debt profile has improved significantly, total public and publicly guaranteed debt is projected to increase significantly, mainly because of large project-related disbursements from China. Any financial resources directed to the private sector, particularly if subsidized, should be channeled through the budget in a transparent manner. Executive Directors welcomed the authorities’ intention to put in place a debt management strategy that will prevent public debt from exceeding 60 percent of GDP.

International Monetary Fund

Tajikistan was hit by severe external shocks in 2009. The government plans to address the structural energy deficit and achieve energy independence. Tajikistan should proceed with care on the Roghun project, paying close attention to social, macroeconomic, and debt sustainability. The need is to strike a careful balance between social and capital spending, which are complementary for growth. Macroeconomic policies are appropriate, but the weakened health of the banking sector and of state-owned enterprises needs to be addressed urgently.

International Monetary Fund

This Selected Issues paper analyzes the sources of recent growth in Tajikistan. It concludes that economic growth has been mainly driven by the services sector and a surge in remittances that have been mainly used for private consumption and small-scale private investment. The paper summarizes the recently introduced revisions to the Tax Code, which are an evolutionary step in simplifying the tax system and setting the base for better revenue administration. It also examines the likely impact on households of increasing electricity prices to cost-recovery levels.

International Monetary Fund

Tajikistan’s growth potential is constrained by government interference in markets, and poor energy and transport infrastructure. The report focuses on Tajikistan’s combined 2009 Article IV Consultation, final review under the Staff-Monitored Program, and request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility. Macroeconomic policies may need to be tightened further if external developments turn out worse than currently projected. Alternatively, additional donor support could ease the domestic adjustment burden.

Ara Stepanyan, Agustin Roitman, Gohar Minasyan, Ms. Dragana Ostojic, and Mr. Natan P. Epstein
In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) and, to a lesser extent, on Baltic countries. The spillovers to eastern Europe have been limited. The degree of impact is commensurate with the level of these countries’ trade, remittances, and foreign direct investment (FDI) links with Russia. So far, policy action by the affected countries has focused on mitigating the immediate consequences of spillovers.