Republic of Tajikistan

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.Article IV consultation reports;Economic conditions;Poverty Reduction and Growth Facility;Staff Reports;external debt, banking, banking system, balance of payments, current account, national bank, foreign exchange, debt management, current account balance, external payments arrears, debt service, macroeconomic stability, banking sector, external payments, repayments, debt sustainability, central bank, international reserve, public debt, debt reduction, government finance, banking supervision, public external debt, external debt management, long-term external debt, banking statistics, savings bank, bank financing, government debt, external debt burden, bank operations, debt rescheduling, current expenditure, debt sustainability analysis, debt restructuring, present value, bank involvement, domestic financing, bank program, bank credit, external financing, reserve assets, foreign exchange market, bank group, interbank market, capital requirement, external public debts, bank reserves, public debts, total external debt, domestic debt, debt burden, reserve ratio, public sector management, bank takes, bank supervision, structural adjustment, accounting system, debt management systems, bank closures, banking reforms, concessional debt, bank collaboration, budget expenditure, recapitalization, retained earnings, private debt, foreign loans, amortization payments, bilateral creditors, domestic currency, loan disbursements, loan classification, budget law, macroeconomic stabilization, debt overhang, debt monitoring, bank balance sheet, private external debt, bank restructuring, current price, debt obligations, external resources, bilateral donors, revenue mobilization, debt policies, bank transactions, general resources account, banking regulations, bank capitalization, capital adequacy, central banks, bank accounts, private sector debt, capital expenditure, bank debt, public finances, external debt obligations, bank closure, debt relief, stock of debt, bank loans, nonperforming loan, bank lending, bank assets, return on assets, balance of payment, return on equity, bankers, bankers ? association, capital base, off balance sheet, external debts, current account deficit, banking law, foreign debt