DUSHANBE, June 6, 2014, Asia-Plus – International Finance Corporation (IFC) is advising the government of Tajikistan on a new law to improve the inspections process for businesses, which is expected to significantly reduce their administrative burden and costs.
According to IFC Country Office in Tajikistan, IFC yesterday hosted a roundtable discussion on the new draft law in cooperation with the State Committee on Investment and State-owned Property Management of Tajikistan.
Amendments to the current inspections law—incorporating IFC advice and developed by the governmental working group—will introduce a risk-based approach to inspections allowing businesses with low risk to be inspected not more than once every five years.
“The new draft law, developed in accordance with international best practice, introduces risk-based inspections increasing the responsibility and transparency of inspection authorities, and improves coordination between them by establishing a Coordination Council,” said Doustmurod Murodov, Head of the Legal Department, President’s Executive Office.
Christopher Miller, IFC Country Officer in Tajikistan, said: “Despite significant changes, there is still a need to further improve the system of inspections. Achieving efficiency improvements can follow from a review of the overall policies, the institutional framework and the tools used by regulatory agencies. It corresponds to a greater reliance on risk analysis and on a more targeted approach to the use of inspection and enforcement resources.”
The initiative is part of IFC’s efforts to improve the investment climate in the region by facilitating investments and reducing compliance costs for businesses. The Central Asia Investment Climate Program is made possible with financial support from the government of Switzerland and the United Kingdom’s Department for International Development.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, it uses its capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, IFC’s investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges.
