Republic of Tajikistan: 2025 Article IV Consultation and Second Review under the Policy Coordination Instrument and Request for Modification of a Reform Target-Press Release; Staff Report; and Statement by the Executive Director for Republic of Tajikistan

International Monetary Fund

No 2025/169, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Tajikistan’s 2025 Article IV Consultation and Second Review under the Policy Coordination Instrument (PCI). Tajikistan’s strong growth performance has continued into 2025, accompanied by well contained inflation, a favorable external position and a further reduction in public debt to gross domestic product. Tajikistan’s favorable economic performance creates an opportunity to implement needed reforms to address structural vulnerabilities and support domestic job creation. The authorities’ economic program under the PCI focuses on policies to anchor macroeconomic stability and strengthen resilience against shocks while advancing governance reforms to foster more diversified and inclusive growth. Broad-based governance and transparency reforms are key to strengthening the business climate to foster more diversified private sector-led growth. The Second Review under the PCI with Tajikistan was completed, with all but one of the quantitative targets for the second review met and the reform targets broadly implemented.

Keywords: government securities auction; NBT Law; market condition; FX market functioning; remittance inflow; Debt sustainability analysis; Debt sustainability; Global; Central Asia and the Caucasus; Central Asia (search for similar items in EconPapers)
Pages: 147
Date: 2025-07-08
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