Meeting of Jamoliddin Nuraliev with Juha Kahkonen

The First Deputy Chairman of the NBT Jamoliddin Nuraliyev has met with Deputy Director, Middle East and Central Asia Department of the IMF Mr. Juha Kahkonen, who is in Tajikistan with working visit to participate in the 16th Conference of the Central Asia Regional Economic Cooperation Program (CAREC).

During the meeting, the parties have discussed the report of the International Monetary Fund (IMF) within the Article IV Consultation, forthcoming negotiations of Tajikistan in the Executive Council of the IMF, which will be held on November 3 this year and stressed the need to develop a new three-year IMF program, primary tasks in the context of this program and issues of cooperation and provision of technical assistance by the International Monetary Fund under the next Financial Sector Assessment Program (FSAP).

The First Deputy Chairman of the NBT Jamoliddin Nuraliyev have familiarized Juha Kahkonen with current situation of banking system of the republic, results of reforms and fulfillment of preconditions for implementation of the IMF new program. It was stressed that in order to prevent the impact of the financial crisis and implementation of the planned reforms as well as to eliminate main problems and promote structural reforms, especially in the economic, financial and banking sectors, it is necessary to adopt the IMF new program for Tajikistan (the latest program dates from 2009-2012).

In turn, Deputy Director of the IMF' Department of Middle East and Central Asia Mr. Juha Kahkonen said the IMF is ready to continue cooperation and prompt assistance in the adoption of the new three-year IMF program for the Republic of Tajikistan within the framework of a broad lending mechanism.

Other issues of the banking system have been discussed during the meeting including reforms, as well as further reforms in the banking system of the Republic of Tatarstan, reports of the consulting company Alvarez & Marsal LLC on problem banks - OJSC "Tojiksodirotbank" and OJSC "Agroinvestbank", extension opportunities and strengthening of monetary policy instruments that contribute to the gradual transition to modern regime of monetary policy - inflation targeting.

It should be noted that Deputy Chairman of the NBT Ikromi S.S., Resident Representative of the IMF in Tajikistan Sobolev Y. and heads of a number of structural subdivisions of the NBT also attended the meeting.

Press Division of the NBT