KHUJAND, March 17, 2009, Asia-Plus — Microloan organization, IMON International, is suspending opening of new branches.
Speaking in an interview with Asia-Plus, the deputy director general of IMON International, Gulbahor Mahkamova, said that they had made the decision in connection with the global financial crisis.
According to her, they will also reduce volumes of loans provided in national currency. “Basically, farmers and small producers are interested in receiving loans in the national currency,” she said.
She noted the funds IMON International had were mainly external investments of various financial institutions.
“In 2008, we received 28 million US dollars from the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and some other financial institutions. The global financial crisis has already hit our partners and even according to the most optimistic prognosis, this year, we will be able to use for lending activity only the half of the amount received last year,” Ms. Mahkamova said.
“Our economy depends on the USD exchange rate that, in turns, influences our partners. In February, Tajikistan saw sharp currency devaluation and over the past two months, our currency exchange losses have amounted to 12 million US dollars,” the deputy director general said.
IMON International with a nationwide branch network is leader in microfinance in Tajikistan. Founded in 2005, IMON operates in various regions of the country with four branches and 34 outlets.
