DUSHANBE, November 4, 2008, Asia-Plus – A lot has been done in Tajikistan for restoration of the International Monetary Fund’s (IMF) confidence and we hope Tajik authorities will continue work in this direction, Dr. Axel Schimmelpfennig, the head of the IMF mission to Tajikistan told journalists on November 4, following his meeting with President Emomali Rahmon.
According to him, Tajikistan has already paid a part of the misreporting-based aid back to the Fund. Mr. Schimmelpfennig noted that as of October 20, Tajikistan’s currency reserve has been estimated at US$181 million, and “this result is not a bad result.”
We will recall that speaking to reporters in Dushanbe on October 23, the head of Tajik central bank Sharif Rahimzoda said that Tajikistan is fulfilling its obligations on paying the misreporting-based aid back to the IMF.
In all, Tajikistan should pay back US$47.4 million, including appropriate interest. According to Rahimzoda, Tajikistan paid back US$15 million of this amount so far. “We are ready to pay back the remaining amount at any time,” Rahimzoda said.
The IMF”s executive board in March this year reprimanded Tajikistan for violating the terms of its poverty reduction agreement with the body. In a statement released in Washington and posted on its website, the IMF accused Tajikistan of engaging in several questionable “disbursements of funds” in 2004-05 and “breaching its obligations.” The IMF demanded that Tajikistan pay back almost $48 million in aid by early 2009; that aid was reportedly based on inaccurate financial information provided by Tajik authorities.
