Meeting of NBT Management with IMF Executive Director.

On October 4, 2021, Management of the National Bank of Tajikistan met with Mr. Piotr Trabinski, Executive Director of the International Monetary Fund (IMF), who arrived to the Republic of Tajikistan with a working visit. The meeting was chaired by Hokim Kholikzoda Chairman of the National Bank of Tajikistan with participation of Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan, Ilhom Rajabov Representative of the Republic of Tajikistan in the World Bank and IMF, Representative of the Ministry of Foreign Affairs of the Republic of Tajikistan and Heads of key departments of the NBT.

At the beginning of the meeting, the Chairman of the National Bank of Tajikistan, Hokim Kholikzoda, expressed his satisfaction with effective cooperation with the IMF and support of this well-known international organization extended to the Republic of Tajikistan for development of economy, thanked the IMF Executive Director Piotr Trabinski, who leadsIMF Constituency and represents interests and initiatives of the Republic of Tajikistan at the IMF.

It was emphasized that spread of the COVID-19 pandemic and economic development slowdown in many countries, including key development partners of Tajikistan, had an impact on the country's economic performance. In this regard, budget support for the country within the framework of Rapid Credit Facility Program and external debt cancellationby the IMF were essential aspects to minimize the impact of the COVID-19 pandemic on the country's economy, especiallyin financial sector.

At the same time, the Chairman of the National Bank of Tajikistan noted that the National Bank, as a regulator of financial and banking sector, implements monetary and foreign exchange policies to promote economic growth, stability of banking system and maintain stable level of domestic prices, despite COVID-19 restrictions and increased external pressures, the country's banking system completed 2020 year with positive indicators. Hokim Kholikzoda expressed readiness to continue cooperation with the IMF and gratitude for assistance received from IMF in approving new program of economic reforms in the Republic of Tajikistan and implementing technical assistance projects in the field of financial stability, monetary policy for transition to inflation targeting, monetary policy, and non-cash payments.

Over the meeting issues related to effective implementation of monetary and exchange rate policies, fiscal policy, overcoming negative consequences associated with the COVID-19 pandemic on the national economy and financial system of the country, implementation of all kinds of measures aimed at overcoming consequences of the pandemicwere also discussed.

The Executive Director of the International Monetary Fund (IMF), Mr. Piotr Trabinski, who arrived in the Republic of Tajikistan for the first time, in his turn thanked the NBT Management for the warm welcome and providing specific information, and expressed readiness to expand cooperation with the Republic of Tajikistan. Piotr Trabinski with satisfaction mentioned implementation of reforms by the NBT in the field of monetary policy, including those related to transition to a targeting regime for inflation, financial stability and other areas of the banking system, and noted that further interaction of the parties could provide favorable opportunities for development of banking systems, especially for the financial sector. At the same time, the IMF Executive Director encouraged the NBT Management to participate in the Annual Meetings of the IMF and the World Bank Group, which serve as a convenient platform for discussing problems with international financial institutions and developing cooperation in all areas.

Concluding the meeting, Hokim Kholikzoda Chairman of the National Bank of Tajikistan thanked IMF Executive Director Piotr Trabinski for his constant support and expressed hope for further development of bilateral cooperation with the IMF within the IMF Constituency.