In­ter­na­tional Mon­e­tary Fund gives $20m to Ta­jik­istan

The Pak Banker - - Front Page -

DUSHANBE: The Ex­ec­u­tive Board of the In­ter­na­tional Mon­e­tary Fund (IMF) said it has com­pleted its third re­view of Ta­jik­istan's eco­nomic per­for­mance un­der a pro­gramme sup­ported by the Ex­tended Credit Fa­cil­ity ar­range­ment (ECF). "The Board's de­ci­sion was taken on a lapse of time ba­sis. The de­ci­sion en­ables the au­thor­i­ties to draw an ad­di­tional SDR 13.045 mil­lion ($20.11 mil­lion), bring­ing to­tal dis­burse­ments un­der the ar­range­ment to an amount equiv­a­lent to SDR 65.265 mil­lion ($100.59 mil­lion)," the IMF said in a press re­lease.

Ta­jik­istan has joined many other Cen­tral Asian coun­tries on the path to eco­nomic re­cov­ery. An im­prov­ing ex­ter­nal en­vi­ron­ment, an up­swing in in­ward re­mit­tances, and favourable cli­matic con­di­tions (lead­ing to an in­crease in hy­dro­elec­tric­ity pro­duc­tion) helped Ta­jik­istan re­cover from the slow­down of 2009. In­fla­tion has been low for most of the year, and al­though now ris­ing, is ex­pected to re­main in sin­gle dig­its in 2010. Bar­ring new shocks, the re­cov­ery should con­tinue to take root in the re­main­ing months of 2010 and into 2011.

"De­spite a no­table shock to VAT on im­ports, the govern­ment was able to boost do­mes­tic tax rev­enue and limit the short­fall in over­all tax col­lec­tions. So­cial spend­ing through June fell short of ex­pec­ta­tions, how­ever, and ad­dress­ing this short­fall should be a pri­or­ity for the re­main­der of the year given the high in­ci­dence of poverty and press­ing so­cial needs," it said. "The over­all fis­cal deficit tar­get for 2011 (at one per cent of GDP) is ap­pro­pri­ate, given press­ing so­cial and in­fra­struc­ture needs. Over the medium term, the fis­cal ac­counts (ex­clud­ing the for­eign-fi­nanced pub­lic in­vest­ment pro­gramme) will need to be broadly in bal­ance to pre­serve fis­cal and debt sus­tain­abil­ity, as well as ease pres­sures on the bal­ance of pay­ments. -PB News

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