Republic of Tajikistan: Fifth Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion: Staff Report; and Press Release on the Executive Board Consideration

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 368

Publication date: October 2005

ISBN: 9781451837070

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , PRGF arrangement , PRGF loan , amount , SDR , IMF's executive board , headline inflation , prudent fiscal policy , NBT debt recovery , Commercial banks , Monetary base , Credit , Global

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Summary

This paper discusses Tajikistan’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criterion. The macroeconomic outcome in the first quarter of 2005 was satisfactory, but the deteriorating external environment will make it harder to achieve some of the program’s original targets. Expenditure delays and strong nontax revenues resulted in a significant fiscal surplus in the first quarter of 2005. The fiscal outlook for the remainder of 2005 looks less favorable owing to lower-than-projected commodity prices.