Republic of Tajikistan: 2017 Article IV Consultation-Press Release and Staff Report
IMF Staff Country Reports, September 3, 2021
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- Republic of Tajikistan: 2017 Article IV Consultation-Press Release and Staff Report
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Bibliographic details
- Published: September 3, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513595757.002
Economic context and key characteristics
- Tajikistan is the poorest of the eight Central Asian and Caucasus countries.
- Economic growth has been high and funded by inward remittances, but poverty remains significant.
- External environment shocks occurred in 2015-16 (lower oil and commodity prices and weaker growth in trading partners).
Macroeconomic policies and effects of shocks
- Macroeconomic policies were generally prudent before the external shocks in 2015-16.
- External shocks (through lower remittances and currency depreciation) and an inadequate policy response:
- weakened the external position,
- exposed major weaknesses in the banking system,
- contributed to a rise in public debt.
Banking sector developments and needed reforms
- Program discussions held in 2016 were not concluded.
- The authorities launched a bank recapitalization plan in December 2016 to maintain depositor confidence and financial stability.
- Additional banking sector reforms are needed.
Subject areas and keywords (as presented)
- Subject: Creditor bail-in, Economic and financial statistics, External debt, Financial crises, Financial statistics, International organization, Monetary policy, Public and publicly-guaranteed external debt, Public debt
- Keywords: bank governance, banking sector governance, Central Asia, creating flow, Creditor bail-in, debt indicator, Europe, Financial statistics, Global, Public and publicly-guaranteed external debt, Tajik economy
Content in this bundle
- 1. Bank Recapitalization Plan