Republic of Tajikistan: Request for a Twenty-Two-Month Policy Coordination Instrument-Press Release; Staff Report; Debt Sustainability Analysis; and Statement by the Executive Director for the Republic of Tajikistan

IMF Staff Country Reports, April 2, 2024

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Republic of Tajikistan: Request for a Twenty-Two-Month Policy Coordination Instrument-Press Release; Staff Report; Debt Sustainability Analysis; and Statement by the Executive Director for the Republic of Tajikistan

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Bibliographic details

• Published: April 2, 2024
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400272103.002

Summary of the request and program objectives

• Presents Republic of Tajikistan’s Request for a Twenty-Two-Month Policy Coordination Instrument.
• Program focus:
  • Improving fiscal resilience to increase space for priority social and development spending.
  • Keeping public debt on a downward trajectory.
  • Increasing revenue mobilization and spending efficiency.
  • Strengthening social protection of the most vulnerable.
  • Strengthening monetary, exchange rate, and financial sector policies to bolster resilience to shocks.
  • Enhancing exchange rate flexibility and monetary policy transmission to improve shock absorption and facilitate a gradual transition toward inflation targeting.

Recent macroeconomic performance (as presented)

• Tajikistan’s favorable post-pandemic economic performance continued in 2023, with:
  • Strong, broad-based growth.
  • Low inflation.

Fiscal policy and public debt

• Program emphasizes fiscal reforms to:
  • Increase revenue mobilization.
  • Improve spending efficiency.
  • Protect and strengthen social protection for the most vulnerable.
• Objective: keep public debt on a downward trajectory.

Monetary, exchange rate, and financial sector policies

• Policies aim to:
  • Strengthen the economy’s resilience to shocks.
  • Improve exchange rate flexibility.
  • Improve monetary policy transmission.
  • Facilitate a gradual transition toward inflation targeting.

External sector and remittances

• Tajikistan is reliant on remittances, primarily from Russia, to:
  • Support domestic demand.
  • Provide a source of foreign exchange.

Risks to the outlook

• Risks to the outlook are tilted to the downside given:
  • Heightened geopolitical tensions.
  • Sanctions on Russia.

Subject tags and keywords (as provided)

• Subject: Debt sustainability, Debt sustainability analysis, External debt, International organization, Monetary base, Monetary policy, Money, Public debt
• Keywords: Debt sustainability, Debt sustainability analysis, Global, Middle East, Monetary base, NBT credit, NBT legislation, Policy discussion, policy transmission, twenty-two-month Policy Coordination Instrument

Publication and document metadata

• Pages: 104
• Volume: 2024
• Issue: 084
• Series: Country Report No. 2024/084
• DOI: https://doi.org/10.5089/9798400272103.002
• Stock No: 1TJKEA2024001
• ISBN: 9798400272103
• ISSN: 1934-7685
• Publication date on landing page: April 2, 2024

Source: Republic of Tajikistan: Request for a Twenty-Two-Month Policy Coordination Instrument-Press Release; Staff Report; Debt Sustainability Analysis; and Statement by the Executive Director for the Republic of Tajikistan

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