Republic of Tajikistan: First Assessment Under the 2008 Staff-Monitored Program
IMF Staff Country Reports, December 24, 2008
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- Republic of Tajikistan: First Assessment Under the 2008 Staff-Monitored Program
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Bibliographic details
- Published: December 24, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451837162.002
Summary
- Paper discusses the First Assessment Under the 2008 Staff-Monitored Program (SMP) for the Republic of Tajikistan and the ongoing global financial crisis.
- Main purpose of the SMP: 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 need to focus on maintaining external stability.
- A possible sharp depreciation of main trading partners’ currencies may require further exchange rate adjustment.
Key findings and indicators
- Revenue collection: stronger than projected (attributed to high nominal growth and imports).
- Policy focus: monetary and exchange rate policies for external stability.
- Risk: possible sharp depreciation of main trading partners’ currencies could require further exchange rate adjustment.
- Subjects addressed: Banking, Commercial banks, Education, Financial institutions, Infrastructure, International reserves, Monetary base, Money, National accounts, Project loans, Public financial management (PFM).
- Keywords included in the source: aluminum smelter, assets of the NBT, bank, Central Asia, country classification, court authorization, CR, debt relief, economic statistics, enterprise, Global, government, Infrastructure, ISCR, Monetary base, NBT, net, net credit, Project loans, reform priority, South Asia.
Policy implications and recommendations
- Reestablish credibility with the IMF through transparent reporting and adherence to SMP objectives.
- Strengthen revenue collection measures to sustain gains driven by nominal growth and import activity.
- Prioritize monetary and exchange rate policies aimed at preserving external stability.
- Monitor exchange rate movements of main trading partners closely, and be prepared for exchange rate adjustment if their currencies depreciate sharply.
Content in this bundle
- _cr08382
- _cr08382r