First meeting of National Financial Stability Council in the Republic of Tajikistan

On December 14, 2018, the National Financial Stability Council in the Republic of Tajikistan began its work for the first time in the history of the country. The first meeting of the National Council was held at the NBT under the leadership of Nematullo Hikmatullozoda, Chairman of the Council - Minister of Economic Development and Trade of the Republic of Tajikistan and with participation of representative of the Executive Office of President of the Republic of Tajikistan,officials from Ministry of Finance of the Republic of Tajikistan, National Bank of Tajikistan,Individuals`Deposits Insurance Fundand World Bank experts.

At the beginning of the meeting, internal regulations for organizing the work of the Council were approved, issues of ensuring financial stabilitywere consideredincluding factors of sustainability of public finances, macroeconomic basis of stability of the foreign exchange market, banking situation,activities of the Individuals`Deposits Insurance Fundand their role in ensuring financial stability.

It was emphasized that special attention is paid in the Republic of Tajikistan on the issues of changing political and economic situation of the modern world, specific measures are being taken to improve the financial climate and attraction of foreign capital to the national economy. The important role of the International Monetary Fund and the World Bank in carrying out reforms and implementing joint investment projects to preserve the sustainable development of the country's economy, especially the financial and banking system, which is an important sector of the economy, was also noted.

Then the members of the Council have expressed their opinions and proposals on the management of existing risks in the financial system, taxation issues, the country's financial management system, as well as improving the investment climate and the ability of the Individuals`Deposits Insurance Fund.

At the end, the Council meeting has approved the decision on establishment of a Working technical team to organize the work on the subsequent meetings and obliged the responsible ministries and departments whose representatives play a key role in ensuring the sustainability of financial system and included in the Council’s composition to develop an Action plan on stabilization of state finances system, formation of financing mechanism for the deficit of the Individuals`Deposits Insurance Fund, approval of priority measures and drafting proposals to the Government of the Republic of Tajikistan, as well as timely exchange of information and coordination of actions to achieve the goals set.

It should be notedthat the National Council on Financial Stability in the Republic of Tajikistan is a permanent interagency advisory body established in accordance with the Resolution of the Government of the Republic of Tajikistan, No. 331 dated June 21, 2018 to consider issues of ensuring financial stability, identifying risks in the financial system, developing measures for risk minimization.

In accordance with the Council Regulations, it includes the Minister of Economic Development and Trade of the Republic of Tajikistan - Chairman of the Council, Minister of Finance of the Republic of Tajikistan - Deputy Chairman of the Council, Chairman of the National Bank of Tajikistan - Coordination Secretary, Head of the Individuals`Deposits Insurance Fund–a permanent member and representative of the Executive Office of President of the Republic of Tajikistan – a permanent participant as an independent observer.