The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
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.