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Republic of Tajikistan: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Tajikistan
Author:
International Monetary Fund. Middle East and Central Asia Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2020: Issue 151
Language:
English
Publication Date:
07 May 2020
DOI:
https://doi.org/10.5089/9781513543000.002
ISBN:
9781513543000
ISSN:
1934-7685
Pages:
58
Keywords:
ISCR; CR; staff appraisal; financing; exemption; authority; Executive Board discussion; financing gap; grant financing; quarantine regime; Debt sustainability analysis; International reserves; Contingent liabilities; Global; Central Asia; South Asia
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This paper discusses Republic of Tajikistan’s Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 (COVID-19) pandemic has had a severe human and economic impact in Tajikistan. Trade and transportation disruptions have led to a sharp drop in remittances and government revenues and created urgent balance of payments and fiscal financing needs. The authorities have responded with an action plan and measures to contain the pandemic. Health spending and targeted support to the most vulnerable households and sectors in the economy are the immediate priorities, and a temporary widening of the budget deficit is appropriate. The IMF’s financial assistance under the RCF is expected to provide a sizable share of the financing needed to implement the anti-crisis measures. Additional concessional and grant financing from the international community will be critical to close the remaining financing gap. Based on authorities’ fiscal consolidation plans, debt is assessed to be sustainable. The authorities have committed to enhance the transparency and governance of their COVID-19 policy response through the publication of an ex-post audit of associated spending and procurement processes. The risk of debt distress remains high, but the capacity to repay the IMF is adequate.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2020: Issue 151