Participation in the Meeting of the Cooperation Council of Arab States of the Persian Gulf, Caucasus, and Central Asia

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On the sidelines of the annual meetings of the IMF and the World Bank Group in Washington on October 23, the Chairman of the National Bank of Tajikistan, Firdavs Tolibzoda, and the Finance Minister of the Republic of Tajikistan, F. Qahhorzoda, participated in the meeting of finance ministers and central bank governors of member states of the Cooperation Council of Arab States of the Persian Gulf, Caucasus, and Central Asia.

At the meeting, participants discussed the current state of economic relations and measures to strengthen cooperation between member countries of the Cooperation Council of Arab States of the Persian Gulf, Caucasus, and Central Asia.

In particular, they noted that the actual level of trade between the countries is very low compared to existing opportunities. They also highlighted the potential for Arab States of the Persian Gulf to increase investment in the energy sector of Caucasus and Central Asian countries, especially in renewable energy projects.

Furthermore, within the framework of the meeting, participants focused on expanding economic relations. They discussed the main obstacles hindering increased trade and investment between regions, including trade barriers, tariff and non-tariff restrictions, infrastructure and logistics development, strengthening macroeconomic stability, and improving the business and investment environment.

As part of the annual meeting program on October 24, the delegation of the Republic of Tajikistan also participated in a meeting with the Deputy Managing Director of the IMF, Mr. Bo Li, along with finance ministers and central bank governors from Caucasus and Central Asian countries.

Simultaneously, the Chairman of the National Bank of Tajikistan, Firdavs Tolibzoda, participated in an afternoon consultation with IMF managers from the Middle East and Central Asia, as per the annual meeting program.

During this meeting, IMF leaders received an overview of the monetary situation in the region. Participants exchanged views on financing projects to combat climate change, preparing financial sectors for a green future, strategies to increase the readiness and sustainability of financial sectors, the development of domestic capital markets, and the role of policymakers in mitigating climate-related risks in the financial sector.

 

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24.10.2024