Meeting of JamoliddinNuraliev with the IMF delegation

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On December 6, 2021 Jamoliddin Nuraliev First Deputy Chairman of the National Bank of Tajikistan had an online meeting with representatives of the International Monetary Fund (IMF) Carlos de Barros Serrao and S. Eric Oppers.

At the beginning of the meeting, First Deputy Chairman of the National Bank of Tajikistan Jamoliddin Nuraliev expressed satisfaction with productive and multifaceted cooperation between the IMF and the NBT, which is generally aimed at developing banking system of Tajikistan.

“The National Bank of Tajikistan has established mutually beneficial cooperation with the International Monetary Fund and in this regard, highly appreciates new project of Technical Assistance to ensure financial stability which was requested by the National Bank of Tajikistan and supported by the IMF. This technical assistance is timely and appropriate for development of financial sector of the Republic of Tajikistan as part of on going reforms to streng then financial stability, promote effective macro-prudential policy, risk management, banking regulation and supervision, ”has said Jamoliddin Nuraliev First Deputy Chairman of the NBT.

During the meeting, it was noted that“Financial Stability Sector Review” (FSSR )Technical Assistance Program was launched in 2017 . Upon the request formthe National Bank of Tajikistan the Republic of Tajikistan is the 24th country to receive this program from the IMF.

IMF Representative Carlos de Barros Serrao outlined the process of implementing Technical Assistance Project to assess financial stability sector with its key components, classifying financial sector risks in a matrix and thus mentioningrisks mitigation and management at a later stage. It was noted that at the first phasean overview of financial stability sector will be preparedand draft Action plan for the following delegation will be finalized. Implementation of the next phase will be carried out by the extended delegation andis planned for April 2022. This will create a favorable foundation for the project to continue in the medium term.

During the meeting, the IMF representatives expressed their readiness to cooperate in the field of technical assistance using all available opportunities, and the National Bank of Tajikistan proposed to solve the issues of strengthening macro-prudential policy and risk analysis tools during implementation of the program. Moreover, it was proposed to use new stress-testing modules and pay particular attention to new issues and improvements in financial statistics.

First Deputy Chairman of the National Bank of Tajikistan Jamoliddin Nuraliev underlined the need to focus onand implement technical assistance in one direction - financial stabilitystrengthening, which is new and effective area. The “Financial Stability Sector Review” provides an opportunity to identify aspects of reforms and facilitate their implementation in order to strengthen financial stability and promote effective macro-prudential policies, risk management, regulation and banking supervision.

In conclusion, the parties expressed their interest in further strengthening effective cooperation and continuing meetings and dialogue within this project for development of banking system of the country.

Source: National Bank of Tajikistan