Republic of Tajikistan : ex post assessment of longer-term program engagement / prepared by a staff team from the Middle East and Central Asia, Fiscal Affairs, and Policy Development and Review Depts
Contents -- Executive Summary -- I. INTRODUCTION -- II. OVERVIEW OF PROGRAM OBJECTIVES AND PERFORMANCE -- III. COLLABORATION WITH THE WORLD BANK -- IV. ASSESSMENT AND LESSONS -- V. CONSIDERATIONS FOR FUTURE INVOLVEMENT
Summary
This paper discusses Ex Post Assessment of Longer-Term Program Engagement for the Republic of Tajikistan. The assessment reveals that Tajikistan's macroeconomic performance during 1998-2005 has been robust, albeit with occasional lapses. Economic growth during this period has far exceeded program projections, but inflation performance has been at times volatile, and often overshot program targets. Macroeconomic stabilization was mainly driven by a strong fiscal consolidation. In contrast, monetary policy has occasionally undermined inflation performance. Initial progress in implementing structural reforms was uneven