Republic of Tajikistan: Staff Report for the 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 132

Publication date: April 2005

ISBN: 9781451837063

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Topics covered in this book

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Banks and Banking , Exports and Imports , Labor , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , cotton sector reform , PRGF loan , Democrats , Tajik authorities , debt resolution measure , consumer price inflation , Monetary base , Credit , Europe , Global

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Summary

This paper examines Tajikistan’s 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility. Strengthened fiscal discipline and tighter monetary policy have reduced inflation from 40 percent in 2001 to 5.6 percent in 2004. Strong growth in tax revenues and continued expenditure restraint contributed to small fiscal surpluses during the past two years. Nonetheless, progress in a number of priority reform areas envisaged in the Poverty Reduction Strategy Paper has been slow. In particular, the business environment and public and private sector transparency and governance need to be strengthened further.