For CCAMTAC member countries, in general CCAMTAC advisors focus on the following areas:

•           Macroeconomic analysis: macro-frameworks, analysis, forecasting, and communications.

•           Fiscal policy: public financial management, macro-fiscal issues, revenue administration.

•           Monetary and financial sector: central bank operations and financial regulation and supervision.

•           Macroeconomic statistics: national accounts, price, and government-finance and debt statistics.

Technical assistance (TA) is demand driven, taking into account priorities and available resources. Capacity development activities for Tajikistan included:

Capacity Development Scoping Visit (September 18 – 22, 2023).

At the request of the Tax Committee (TC) of Tajikistan, a visit was undertaken to scope potential areas for capacity development (CD) support following recommendations made during a combined IMF-FAD-CCAMTAC tax administration

Tax Administration (December 1 – 16, 2022).

A tax administration diagnostic in-person mission was conducted by the IMF FAD and CCAMTAC in response to a request by the Minister of Finance. The mission assessed current reform initiatives and functions of Tajikistan's Tax Committee. This initial phase of CD engagement provided support to the authorities in the identification of high-level tax administration reforms and options for revenue generation as an input to the formulation of a Medium-term Revenue Strategy (MTRS). The mission also provided further awareness building to the Ministry of Finance and Tax Committee on the components of, and the steps needed to formulate, an MTRS.

Tax Administration (February 15-19, 2021)

An expert provided assistance with reviewing the draft tax code. A declared objective of the authorities’ tax reform is to strengthen job creation in the private sector by lowering the tax burden on businesses while broadening the tax base.  An expert reviewed the draft Tax Code (TC) and provided written comments on tax administration aspects in the draft.

State-Owned Enterprise Fiscal Risks Statements (September 23 – October 7, 2022).

The main purpose of this mostly in-person mission was to assist the Ministry of Finance to prepare the State-Owned Enterprises Fiscal Risks Statement (SOE FRS). It was approved by the Government and published on the ministry’s website. The preparation and publication of SOE FRSs in Tajikistan began in 2012 but was interrupted in 2019-2021. The mission also conducted training for Ministry of Finance’s staff on the FAD’s SOE Fiscal Stress Test tool.

State-owned enterprises Fiscal Risks Assessment (March 28–April 29, 2022)

This remote mission followed the June – September 2021 mission that assisted the Ministry of Finance to prepare a first draft of the next Fiscal Risks Management Strategy (FRMS). The mission assisted the ministry in finalizing its draft of the FRMS and conducted a training for state-owned enterprises (SOE) and ministry’s new staff on SOE fiscal risks assessment.  

Strengthening Fiscal Risks Management and Disclosure (June 28 - September 7, 2021)

Building on the achievements of the first State-owned Enterprise (SOE) Fiscal Risks Management Strategy 2021-2025, CCAMTAC’s PFM advisor and a short-term expert helped draft the successor strategy, planned to cover 2021-2025. They have assisted the Ministry of Finance to resume the preparation and publication of the annual fiscal risks statements, in an updated format. They have also assisted the Ministry of Finance to implement the recently-approved methodology for establishing a buffer in the state budget to accommodate the materialization of SOE fiscal risks.

Improving Liquidity Forecasting and Management (August 14 – 18 and August 21 – 25, 2023).
The hybrid, follow-upmission assisted the National Bank of Tajikistan in enhancing liquidity management and forecasting frameworks and discussed the modernization of the whole operational framework and the revision of internal processes for monetary policy implementation. The mission re-estimated demand for reserves and streamlined tables for liquidity monitoring to ensure their revision more frequently in line with changing liquidity conditions in the system. Experts also conducted a 3-day training for the NBT experts on efficient liquidity management and its role in overall monetary policy implementation.

Liquidity Forecasting (September 26 – 30, 2022).

The mission team assisted the National Bank of Tajikistan to modernize liquidity forecasting frameworks. The mission evaluated and advised on liquidity forecasting techniques, set up a new forecasting tool and trained authorities on how to employ it in their daily work. The new tool allowed substantially improve the quality of forecasts. The mission discussed the need to further improve operational framework of monetary policy.

GFS& PSDS (April 24 – May 5, 2023)

The mission assisted the authorities in: (i) finalizing and preparing for dissemination annual GFS time series for central government; (ii) expanding the time series for PSDS; and (iii) preparing the compilation processes documentation. On request from the authorities, the mission delivered a tailor-made training on GFS and PSDS. One day was devoted to the raising awareness on GFS and PSDS issues for the middle and higher management of the Ministry of Finance. Four days focused on increasing technical staff capacities. The mission also met with the Minister of Finance to discuss the possibilities of starting regular transmission and dissemination of annual GFS data via the IMF database.

Developing Government Finance Statistics (GFS) (March 1–14, 2022)

A Statistics Department (STA) short-term expert continued the previous work on improving fiscal transparency through CD in supporting implementation of the latest international statistical standards in GFS. The Ministry of Finance’s Budget Department staff with the assistance of the mission team completed the annual GFS Questionnaire for 2020. The mission also reviewed the Tajik budget classification with respect to the GFSM 2014. To expand the knowledge of all staff involved in the GFS compilation, the expert conducted a workshop on the GFSM 2014 framework for the National Research Institute of Finance, engaged in the budgetary reform towards the GFSM 2014 implementation.

GDP by expemdotire (May 22 – June 2, 2023).

The TA mission reviewed the compilation of quarterly GDP by production and expenditure and recommended several improvements in the compilation technique. The areas addressed include the compilation of financial intermediation services indirectly measured, the output of insurance, and the output of non-market services. The mission introduced benchmarking and chain-linking technique with annual overlap into compilation of quarterly GDP by both methods and recommended the introduction of quality assurance measures in data collection for a periodic quarterly economic survey of enterprises.

National Accounts (November 14 – 25, 2022).

During an in-person mission, the CCAMTAC resident advisor assisted the State Statistics Agency in developing quarterly GDP by expenditure (QGDPE) and provided training to the agency’s national accounts staff on the compilation of discrete quarterly GDP by production (QGDPP). The mission helped officials to (i) calculate household final consumption using different weights; (ii) compile quarterly data on cultivated biological resources and intellectual property products, which will allow reducing the existing statistical discrepancy significantly; and (iii) compile changes in inventories by applying quarterly average prices to the opening and closing stocks of inventories to exclude holding gains/losses.

Enhancing Price Statistics (November 29 – December 3, 2021)

This was the first mission on the Residential Property Price Index (RPPI) to the Agency on Statistics of Tajikistan (TAJSTAT). With the guidance of IMF staff, the TAJSTAT obtained data and technical skills to compile a hedonic RPPI and discussed the most suitable data sources. RPPI helps to facilitate the assessment of developments and risks in property markets and thus provides a better understanding of the linkages between property markets, the real economy, and the financial sector stability.