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Republic of Tajikistan: 2019 Article IV Consultation-Press Release and Staff Report

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  • International Monetary Fund

Abstract

Reported economic activity has been strong in 2018-19 and inflation has picked up. The monetary framework is being strengthened. The external position has deteriorated. The fiscal deficit has widened as revenues have declined. Reforms to place the loss-making energy sector on a sound financial footing are underway. The authorities’ development strategy relies on large infrastructure projects— Roghun dam and other large SOE-implemented projects — that need sizable external financing. The financial sector is recovering from the 2015-16 crisis, with a decline in nonperforming loans and improved profitability. The authorities are making efforts to strengthen bank supervision and regulation. However, two formerly-systemic banks remain insolvent and further reforms are needed to restore public confidence in banks.

Suggested Citation

  • International Monetary Fund, 2021. "Republic of Tajikistan: 2019 Article IV Consultation-Press Release and Staff Report," IMF Staff Country Reports 2021/200, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2021/200
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