Front Matter Page
© 1996 International Monetary Fund
June 1996
IMF Staff Country Report No. 96/55
Republic of Tajikistan—Recent Economic Developments
This report on recent economic developments in the Republic of Tajikistan was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the Republic of Tajikistan or the Executive Board of the IMF
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Front Matter Page
INTERNATIONAL MONETARY FUND
REPUBLIC OF TAJIKISTAN
Recent Economic Developments
Prepared by a staff team consisting of Mr. P. Keller (Head), Mr. J. Wakeman-Linn, Mr. G. Kwon (all EURII), Ms. A. Doughty (PDR) and Mr. J. Amieva (FAD)
Approved by European II Department
April 23, 1996
Contents
Basic Data
I. Overview
1. Country profile and developments before 1994
2. Developments in 1994 and 1995
3. Developments in early 1996
II. Output and Employment in 1994-95
1. Overall developments
2. Sectoral developments
III. Prices and Wages
1. Price developments during 1994 and early 1995
2. Price developments since the introduction of the national currency
3. Wage developments
IV. Public Finance
1. Structure of Government
2. Fiscal developments prior to the currency introduction
3. The period after the currency introduction
4. The 1996 budget
V. Money and Credit
1. Monetary arrangements
2. The banking system
3. Money and credit in 1994 and 1995
4. Interest rates
5. Banking regulation and supervision
6. Settlements system
VI. External Sector Developments
1. Balance of payments developments in 1993-94
2. Balance of payments developments in 1995
3. Developments in the direction of trade during the period 1993-95
4. Developments in the commodity composition of trade over 1993-95
5. Exchange rate policy and international competitiveness
6. Developments in the trade system
7. External debt
8. Foreign direct investment
VII. Structural Reforms
1. Price liberalization
2. State orders and procurement
3. Privatization and enterprise restructuring
Tables
1. Indices of Real GDP, 1990-95
2. Nominal GDP by Sector of Origin, 1993-94
3. Labor Resources and Employment, 1985-94
4. Employment by Sector of Economy, 1985-94
5. Registered Unemployment, 1992-95
6. Production and Yield of Major Agricultural Crops, 1985-95
7. Agricultural Production, 1980-94
8. Animal Husbandry, 1985-94
9. Production of Meat, Milk and Eggs, 1985-94
10. Production by Type of Farm, 1985-94
11. Allocation of Agricultural Land in 1994
12. Sale Outlets for Selected Agricultural Products in 1994
13. Industrial Output by Sector at Constant Prices, 1980-95
14. Industrial Production by Sector at Current Prices, 1985-94
15. Industrial Production by Sector in 1995
16. Selected Indicators of Industrial Production, 1985-95
17. Fuel Consumption, 1990-95
18. Electricity Consumption and Output, 1980-94
19. Indices of Real GDP, Employment and Energy Consumption, 1990-94
20. Sectoral Output, Employment and Electricity Consumption, 1990-94
21. Consumer Price Inflation, 1993-95
22. Wholesale Price Inflation—Selected Categories, 1993-95
23. Wholesale Prices in 1995
24. Monthly Wages, 1993-95
25. Average Monthly Wages by Sector, 1985-94
26. Monthly Wage Bill and Wage Disbursement, 1994-95
27. State Budget by Economic Classification of Expenditure, 1992-95
28. State Budget, 1992-95
29. State Budget (In Percent of GDP), 1992-95
30. Operations of the Pension Fund, 1992-95
31. Operations of the Employment Fund, 1992-95
32. Operations of the Social Insurance Fund, 1993-95
33. Consolidated Operations of the General Government, 1992-95
34. Introduction of National Currencies in the States of the Former U.S.S.R.
35. Commercial Banks as of January 1, 1996
36. Credit of the Banking System, 1993-95
37. Monetary Survey, 1993-95
38. Monetary Authorities Accounts, 1993-95
39. Annual Interest Rates, 1994-95
40. Interbank Credit Auction
41. Reserve Requirements, 1988-95
42. Capital Asset and Liquid Asset Ratios, 1995
43. Balance of Payments, 1993-95
44. Import Prices, 1993-95
45. Export Prices, 1993-95
46. Import Volumes, 1993-95
47. Export Volumes, 1993-95
48. External Debt Stock Including Arrears, 1992-95
49. Quarterly Balance of Payments, 1995
50. Imports by Product, 1993-95
51. Exports by Product, 1993-95
52. Origin of Energy Imports, 1995
53. Destination of Principal Exports, 1995
54. Exchange Rates and U.S. Dollar Wages, 1991-95
55. Arrears, 1993-95
Charts
1. Main Macroeconomic Indicators, 1994-95
2. States of the Former U.S.S.R.: Output Decline, Inflation and Dollar Wages
3. Real GDP, 1991-95
4. Consumer and Wholesale Price Inflation, 1991-95
5. Wages, 1993-95
6. State Budget, 1992-95
7. Deposits to Currency Ratio, 1993-95
8. Credit and Deposits, 1994-95
9. Inflation, Currency and Interest Rates
10. External Trade Balance, 1992-95
11. Exchange Rates and Wages
12. External Debt by Major Creditors, 1992-95
Annexes
I. The Introduction of the National Currency
II. Tax Summary as of February 1996
III. Social Safety Net
IV. Development of the Foreign Exchange Market
V. Exchange and Trade System
VI. Survey of Reporting of Main Statistical Indicators
Annex Tables
A1. Conversion Rates for the 1995 Currency Reform
A2. Subsidies, 1994-95
A3. Foreign Exchange Operations of the NBT, September 1995-January 1996
Annex Chart
A1. Deposit-Currency Ratios of Selected States of the U.S.S.R.