Republic of Tajikistan: Ex Post Assessment of Longer-Term Program Engagement

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 063

Publication date: February 2006

ISBN: 9781451837117

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Industries - Energy , ISCR , CR , government , Tajikistan , central bank , debt management , The Fund , fund program , implementation record , fund advice , fund engagement , fund Involvement , state control , fund staff report , civil war , fund support , fund competency , lack of experience , staff report , Arrears , Government debt management , Fiscal consolidation , Energy sector , Central Asia

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Summary

This paper discusses Ex Post Assessment of Longer-Term Program Engagement for the Republic of Tajikistan. The assessment reveals that Tajikistan’s macroeconomic performance during 1998–2005 has been robust, albeit with occasional lapses. Economic growth during this period has far exceeded program projections, but inflation performance has been at times volatile, and often overshot program targets. Macroeconomic stabilization was mainly driven by a strong fiscal consolidation. In contrast, monetary policy has occasionally undermined inflation performance. Initial progress in implementing structural reforms was uneven.