Tajikistan’s economy experience serious shock by reduction of migrants’ money remittance and export earnings - IMF

Almaty. February11. Silkroadnews – From February 1 to 10, 2016,  International Monetary Fund (IMF) staff mission, led by Mr. Paul Ross, visited Tajikistan to discuss macroeconomic policies and the structural reform, the fund’s press service informs.
“Over the past eighteen months, Tajikistan’s economy, like several others in the region, has experienced large external shocks. These shocks have resulted in a decline in the U.S. dollar value of migrants’ remittances, lower export earnings, and exchange rate depreciation. They have reduced imports and consumption, and affected banks’ financial positions. Economic performance was affected accordingly,” - said P.Ross.
According to him, “While exchange rate flexibility has alleviated some pressures, Tajikistan’s economy continues to adjust to lower migrants’ remittances and export earnings, against the backdrop of returning migrant workers”.
In this regard, the IMF is ready to assist to the economic program of the authorities and the reform program, including the financial support provision subject to the authorities’ decision made on the significant measures of economic policy to be taken at the early stage.
During the visit, the team met with Prime Minister Rasulzoda, First Deputy Prime Minister Said, and National Bank of Tajikistan Governor Nurmahmadzoda, and other senior officials.
The IMF will continue to work closely with Tajikistan and support the efforts of the Government and the National Bank of Tajikistan to promote the macroeconomic stability and economic growth. The IMF will also continue to provide technical assistance to contribute to further development of the capacity of economic institutions in Tajikistan.