IMF Announces Staff-Level Agreement with Tajikistan
OREANDA-NEWS. September 25, 2009. An International Monetary Fund (IMF) team, led by Mr. Axel Schimmelpfennig, visited Dushanbe September 14-24 to conduct the first review under a three-year, SDR 78.3 million (about USD 116 million) Poverty Reduction and Growth Facility arrangement with Tajikistan (see Press Release 09/136).
The mission reached agreement on a set of macroeconomic policies, with a view to enable the IMF Executive Board to consider the completion of the first review, following completion of the annual external audit of the National Bank of Tajikistan (NBT). The completion of the first review will enable the country to draw an amount equivalent to SDR 19.6 million (about USD 28 million). This would bring the total disbursement so far to SDR 45.7 (about USD 66 million). The audit of the NBT is normal practice, allowing the IMF to safeguard its funds, and to further improve the governance of the NBT.
At the conclusion of the visit, Mr. Schimmelpfennig made the following statement:
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“The government and the NBT broadly met their policy objectives for end-June
“The IMF team was also briefed on the good progress on structural reforms. Most notably, the resolution strategy for the cotton debt has been adopted, and now needs swift and determined implementation. For the remainder of the year, meeting the fiscal deficit target will require strict expenditure control, while continuing to raise social spending and staying current on pension and wage payments.
“The Tajik authorities and the IMF mission also discussed economic prospects and appropriate fiscal and monetary policies for 2010 5ad . Despite some improvement in the global economy, the external climate for
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