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International Monetary Fund

This paper evaluates Tajikistan’s 2002 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Tajikistan’s previous IMF-supported program went off track in mid-2001 largely because of poor progress with structural reform and weak management of external debt. To revitalize the reform process, the authorities satisfactorily implemented a Staff-Monitored Program that covered the first half of 2002. The IMF staff commends the authorities for the progress in economic areas realized over the past few years, and supports the authorities' request for a new three-year PRGF arrangement.

International Monetary Fund

All of the quantitative performance criteria were observed for the period under review. The authorities recognize the numerous challenges facing their program and remain committed to its successful implementation. Given continued strong fiscal performance and the expectation of improved monetary policy implementation, the authorities are confident that they can meet all the program's targets. Discussions with the authorities centered on strengthening the National Bank of Tajikistan (NBT) by restructuring its operations and strengthening the authorities' capacity to implement structural reform.

International Monetary Fund

Discussions on the Second Review Under the Poverty Reduction and Growth Ffacility (PRGF) arrangement took place in Dushanbe. The IMF-supported program concentrates on enhancing macroeconomic stability and implementing structural reform in the key areas of banking, energy, and agriculture. The discussions also focused on improving the implementation of monetary policy, accelerating structural reform, and strengthening governance. The authorities plan to work with independent third parties to enhance the transparency of the farm-restructuring process. The continued strong growth of GDP is welcomed.

International Monetary Fund

This paper examines Tajikistan’s Third Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criterion. Performance under the PRGF has been generally satisfactory. All quantitative performance criteria, two of the three structural performance criteria, and two of the three structural benchmarks were met through end-May 2004. The continuous structural performance criterion prohibiting directed credit by the National Bank of Tajikistan was not observed in May 2004, but this credit was repaid/reversed by late June, and a waiver is requested on this basis.

International Monetary Fund

This paper evaluates Tajikistan’s 2002 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Tajikistan’s previous IMF-supported program went off track in mid-2001 largely because of poor progress with structural reform and weak management of external debt. To revitalize the reform process, the authorities satisfactorily implemented a Staff-Monitored Program that covered the first half of 2002. The IMF staff commends the authorities for the progress in economic areas realized over the past few years, and supports the authorities' request for a new three-year PRGF arrangement.

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.

International Monetary Fund

This paper examines Tajikistan’s 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility. Strengthened fiscal discipline and tighter monetary policy have reduced inflation from 40 percent in 2001 to 5.6 percent in 2004. Strong growth in tax revenues and continued expenditure restraint contributed to small fiscal surpluses during the past two years. Nonetheless, progress in a number of priority reform areas envisaged in the Poverty Reduction Strategy Paper has been slow. In particular, the business environment and public and private sector transparency and governance need to be strengthened further.

International Monetary Fund

This paper focuses on Tajikistan’s Sixth Review Under the Poverty Reduction and Growth Facility (PRGF). The program for 2005 has been implemented satisfactorily. All quantitative and structural performance criteria and indicative targets for end-September 2005 were observed, and all outstanding structural benchmarks for 2005 have either been completed or are in the process of implementation. In view of the authorities’ satisfactory implementation of the program during 2005, the IMF staff is recommending completion of the sixth review under the PRGF.

International Monetary Fund
This Joint Staff Advisory Note discusses the Poverty Reduction Strategy Paper (PRSP) Second Progress Report for the Republic of Tajikistan. The progress report presents a comprehensive assessment of the nature and dynamics of poverty from various sources and perspectives, and recognizes the challenges ahead for continued progress in reducing the number of people living in poverty. The report fully acknowledges that the poor quality, reliability, and timeliness of statistics for monitoring progress in poverty reduction are owed to the lack of capacity to collect and analyze data and to the weak coordination between state agencies.