Republic Of Tajikistan 2019 Article Iv Consultation Press Release And Staff Report
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Republic Of Tajikistan 2019 Article Iv Consultation Press Release And Staff Report
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2021-09-03
Republic Of Tajikistan 2019 Article Iv Consultation Press Release And Staff Report written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-03 with Business & Economics categories.
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.
Republic Of Tajikistan 2021 Article Iv Consultation Press Release Staff Report And Statement By Executive Director For The Republic Of Tajikistan
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-18
Republic Of Tajikistan 2021 Article Iv Consultation Press Release Staff Report And Statement By Executive Director For The Republic Of Tajikistan written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-18 with Business & Economics categories.
With a strong recovery in train, the authorities are gradually withdrawing the policy stimulus released during the pandemic. Although debt is sustainable, there is a high risk of debt distress. At the same time, financing the Roghun dam project while implementing tax reform remains a key challenge. The financial sector has stabilized, but intermediation remains low. Risks to the outlook are tilted to the downside due to uncertainty on the pandemic and regional spillovers.
Republic Of Tajikistan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-28
Republic Of Tajikistan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-28 with Business & Economics categories.
Strong growth continued in 2022 with minimal disruption from the war in Ukraine, while strong financial inflows supported domestic demand and liquidity. Although negative spillovers from the war have not materialized, it remains unclear to what extent Tajikistan will continue to be relatively unaffected by weaker economic activity in Russia.
Republic Of Tajikistan 2017 Article Iv Consultation Press Release And Staff Report
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2021-09-03
Republic Of Tajikistan 2017 Article Iv Consultation Press Release And Staff Report written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-03 with Business & Economics categories.
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. Macroeconomic policies were generally prudent before the external shocks (lower oil and commodity prices and weaker growth in trading partners) in 2015-16, but slow progress in structural reforms constrained diversification and employment generation. External shocks (through lower remittances and currency depreciation) and an inadequate policy response weakened the external position, exposed major weaknesses in the banking system, and contributed to a rise in public debt. Program discussions held in 2016 were not concluded. While the authorities launched a bank recapitalization plan in December 2016 to maintain depositor confidence and financial stability, additional banking sector reforms are needed.
Republic Of Uzbekistan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-09
Republic Of Uzbekistan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-09 with Business & Economics categories.
This 2019 Article IV Consultation highlights that given its bulging working-age population, creating more and better jobs is the country’s overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchange liberalization, tax reform, and a major upgrade in statistics. Faced with a vast structural reform agenda, the authorities want to prioritize reforms that address the economy’s most damaging distortions first. The main short-term macroeconomic stability challenge is to prevent a credit boom that could generate excessive external deficits and aggravate inflation pressures. A tight monetary stance and moderate fiscal deficits need to be maintained to support macroeconomic stability. Credit growth will need to slow significantly to assure the economy’s external and internal balance. The sustainable development goals are anchoring the country’s inclusive growth agenda, especially on education, health, public infrastructure, and financial inclusion. Moreover, the authorities are redesigning labor policies from scratch to help unskilled and other disadvantaged workers find more and better jobs.
Kyrgyz Republic
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-02
Kyrgyz Republic written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-02 with Business & Economics categories.
The economy is growing steadily, benefiting from a benign regional environment, particularly in Russia, the source of most remittances and non-gold export receipts. Low inflation, lower fiscal deficits, and a stable banking sector point to the success of stabilization policies implemented by the government and National Bank of the Kyrgyz Republic (NBKR, the central bank) under eight successive Fund-supported programs. However, the economy remains vulnerable to external shocks because of the high level of remittances (29 percent of GDP), the concentration of exports on gold (37 percent of exports of goods), the level and composition of the public debt (56 percent of GDP, 4/5 of which is denominated in foreign currency), and the level of the current account deficit (8.7 percent of GDP). In addition, economic growth has been insufficient to significantly raise living standards and continue to reduce poverty.
Republic Of Tajikistan 2015 Article Iv Consultation Press Release And Staff Report
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2021-09-03
Republic Of Tajikistan 2015 Article Iv Consultation Press Release And Staff Report written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-03 with Business & Economics categories.
Growth has been strong and poverty has fallen in the past decade, though Tajikistan faces rising vulnerabilities. Growth is now softening and the external position has weakened dramatically as remittances have fallen with the sharp slowdown in Russia and earnings from cotton and aluminum exports have dropped due to global market developments. The exchange rate is under pressure and international reserves are thin. The fiscal position has been near balance in recent years and debt has been kept low, while fiscal space is becoming limited by rising debt service and contingent liabilities.
Republic Of Azerbaijan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-18
Republic Of Azerbaijan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-18 with Business & Economics categories.
This 2019 Article IV Consultation with the Republic of Azerbaijan highlights that the economy is continuing to recover from a banking crisis and recession. Looking ahead, economic growth is expected to reach 2.7 percent in 2019 on strong hydrocarbon production and robust domestic demand, benefitting from new spending measures. Gradual and growth-friendly fiscal consolidation is needed to strengthen intergenerational and precautionary buffers while mitigating the adverse impact on the economy. Consolidation could rely on prioritizing and improving the efficiency of spending, rationalizing tax policy, and improving revenue administration. Reducing administrative burden for businesses, encouraging competition, and strengthening governance and transparency would reduce the cost of doing business, foster entrepreneurship, and attract foreign capital. Prioritizing investment for healthcare and education, improving its efficiency, and better targeting of social protection would help nurture human capital and improve productivity. Addressing governance weaknesses is essential to reduce vulnerabilities to corruption. More integrated policies, along with better data availability, would support decision making and credibility, and attract investment.
Russian Federation
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-02
Russian Federation written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-02 with Business & Economics categories.
This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption. At the same time, gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018. Inflation has begun to fall and is expected to return to the 4 percent target by early 2020. The medium-term growth outlook remains modest. Public infrastructure spending under the national projects together with increase labor supply due to pension reform could have a positive effect on the growth rate of potential output. However, absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent. It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.
Islamic Republic Of Afghanistan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-20
Islamic Republic Of Afghanistan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-20 with Business & Economics categories.
This paper presents 2019 Article IV Consultation with Republic of Afghanistan and its Sixth Review Under the Extended Credit Facility Arrangement. Despite difficult circumstances, the Afghan authorities have continued to demonstrate strong commitment to the economic program supported by the Extended Credit Facility arrangement. Given the uncertain outlook dominated by downside risks, policies should focus on maintaining macroeconomic and financial stability and putting the conditions in place for stronger and more inclusive growth, led by the private sector. The authorities have made progress with their self-reliance agenda, yet strong financial support from donors is needed to help Afghanistan stay on the path to greater prosperity. Fiscal policy should continue to target a broadly balanced budget, supported by fair and sustainable domestic revenue mobilization and strong financial support by donors. Resources should shift toward pro-growth and pro-poor outlays and create fiscal space to meet the country’s considerable development needs.