DUSHANBE, Tajikistan, June 25. The
International Monetary Fund (IMF) has completed its 2025 Article IV
Consultation and second review under the Policy Coordination
Instrument (PCI) with Tajikistan, highlighting the country鈥檚 solid
economic performance and encouraging further reforms, Trend reports.
According to the IMF, Tajikistan鈥檚 economy has maintained strong
growth in 2025, supported by low inflation, a stable external
position, and reduced public debt. Inflation was contained at 3.6
percent as of April, and foreign exchange reserves now cover around
seven months of imports. Public debt dropped to 25 percent of GDP
by the end of 2024, thanks to careful fiscal management.
The IMF noted that most of the program鈥檚 reform and policy
targets were met, with only one quantitative target falling short.
The ongoing PCI program, launched in February 2024, is designed to
support macroeconomic stability and structural reforms aimed at
promoting inclusive and resilient growth.
Deputy Managing Director Kenji Okamura said Tajikistan is making
steady progress but warned that the regional economic environment
remains uncertain. He stressed the importance of continuing efforts
to boost revenue collection, improve public spending efficiency,
and manage growing credit levels linked to large financial
The IMF also called for broader governance and transparency
reforms, especially in state-owned enterprises and the energy
sector. While recent steps have been taken to strengthen oversight,
the Fund said more work is needed to cut financial losses in the
electricity system and improve extractive sector transparency.
Given the robust macroeconomic projections, the IMF identifies
this juncture as pivotal for Tajikistan to intensify reformative
measures that may mitigate structural fragilities and catalyze
employment generation. The entity advocated for the administration
to persist in prioritizing frameworks that bolster private-sector
advancement and sustainable equilibrium.
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