The outcomes of Tajikistan’s Country Partnership Framework Consultations between the Government Republic of Tajikistan andWorld Bank

On March 27, 2018 in the Ministry of Economic Development and Trade of the country a number of key ministries and agencies of the Republic of Tajikistan met with the World Bank Group representatives to discuss The Country Partnership Framework Consultations of the Republic of Tajikistan with the World Bank for 2019-2023.

At the beginning of the meeting, Minister of Finance of the Republic of Tajikistan FaiziddinQahhorzoda and Regional Director of the World Bank for Central Asia LiliaBurunciuc, expressed their gratitude to the Government of the Republic of Tajikistan for continued mutual collaboration and emphasized that the goal of today's event is to improve the strategy of cooperation, taking into account the important economic and social aspects of the use of existing resources for further effective implementation of the National Development Strategy of Tajikistan for the period up to 2030.

Afterward, theCountry Manager of the World Bank Office in Tajikistan Jan-Peter Olters presented the World Bank Strategy with the Republic of Tajikistan, taking into account the country's priorities. He spoke about the opportunities of the Republic of Tajikistan as a result of regional integration and implementation of reforms, use of hydropower resources, development of agriculture, production and industry, development of tourism and use of large border markets. Jan-Peter Oltersin his presentation has provided a comprehensive analysis of the country's research and Country Partnership Framework Consultations taking into account the existing opportunities, including financial stability, banking system reforms and fiscal policy, effective public institutions, favorable business environment, transparency, service and statistical data , strategic infrastructure and human capital, developed by the World Bank experts.

The First Deputy Chairman of National Bank of TajikistanJamoliddin Nuraliev has made a presentation on "Financial Sector Strategy for 2019-2023", where the process of effective implementation of monetary and exchange rate policy, financial situation of banking system and payment system of the countryincluding the results of taken measures for carrying out reforms in the industry and opportunities for implementing further plans for the period up to 2023 were stated.

During hispresentation,Mr. Nuraliev, highlighteda detailed analysis of issues related to strengthening the mechanism of monetary policy implementationbyintroduction of modern tools, keeping inflation within the targeted indicators, moving to inflation targeting regime, intensifying cooperation with the aim of developing correspondent banking relations, facilitating the attraction of foreign capital to various sectors of the country's economy, including the banking system, ensuring favorable conditions for fulfilling the main target indicators of state programs of national economic development, providing access to financial servicesfor entrepreneurs, improving corporate governanceand ethics in in credit institutions, procedures and norms of conducting banking operations, as well as raising the qualification of banking sector personnel, especially in terms of risk management and internal control.

Jamoliddin Nuraliev also touched upon issues such as ensuring consumer rights protection, increasing financial literacy, providing continuous operation of the payment system of the National Bank of Tajikistan, timely interbank settlements and expanding the scope of non-cash payments. Concerning the above mentioned issues, the First Deputy Chairman of NBT, Jamoliddin Nuraliev, also noted that the World Bank as one of the world's leading financial institutions which can assist the Republic of Tajikistan in attracting international financial institutions (donors) and increasing investments opportunities of the country.

It should be noted that the presentation of the First Deputy Chairman of NBT, Jamoliddin Nuraliev, was warmly received by the World Bank Group, in particular by the World Bank representatives and it wasnoted that there is a huge potentialfor developing joint projects and for expanding mutually beneficial cooperation in the future.

The Minister of Economic Development and Trade of the Republic of Tajikistan, NematulloHikmatullozoda during the discussion delivered a speech on Country Partnership Framework Consultations concerning Tajikistan’s National Development Strategy for the Period up to 2030 and its main objectives.The Chairman of State Committee on Investments and State Property Management of the Republic of Tajikistan,FarrukhHamralizoda spoke on "The Private Sector’s Role in Ensuring Sustainable Development".The IFC (International Financial Corporation) Country Officer in Tajikistan, ManizhaMamadnabieva, Program Leaders of the World Bank Group Susanna Hayrapetyan, Paul VallelyHasanAliev have addressed the meeting on investing in people and strengthening resilience, modern and effective institutions supporting development, emerging opportunities from regional integration.

In the final part of the meeting on Country Partnership Framework Consultations of the Republic of Tajikistan with the World Bank for 2019-2023, Minister of Finance of the Republic of TajikistanFaiziddinQahhorzoda has expressed gratitude to the mission for interaction and support of various sectors of the economy. It was noted that this program should be targeted and cover industries that are identified as priorities in the National Development Strategy of the Republic of Tajikistan for the period up to 2030.

The Regional Director of the World Bank in Central Asia, Ms. Lilia Burunciuc in her turn also thanked the Government of the Republic of Tajikistan for comprehensive preparation and informative presentation on strengtheningcooperation, expressing hope that Tajikistan in the future could become one of the developed countries in Central Asia. The Country Manager of the World Bank in Tajikistan, Jan-Peter Olters has stated that after preparing the final version of the draft of Tajikistan Country Partnership Framework and final discussions between the Republic of Tajikistan and the World Bank, this draft will be submitted to the World Bank's Head Office for consideration and approval.

Press Division of NBT