Press Release: UN calls for leveraging financial resources from the public and private sector for sustainable development in Tajikistan
2 years ago tajikistannewsgazette.com Comments Off on Press Release: UN calls for leveraging financial resources from the public and private sector for sustainable development in Tajikistan
25 May 2018, Dushanbe � The UN's report on development finance assessment in Tajikistan underscored a need to improve public sector management and attract more business investment by mobilizing financial resources to achieve the Sustainable Development Goals (SDGs).
The report argued that the Government of Tajikistan is behind in attracting financial resources required for implementation of its National Development Strategy (NDS 2016-2030) and SDGs. In particular, the current tax policy and management are considered by many as prohibitive for private sector development.
The roundtable, co-organized by the United Nations in Tajikistan and the Ministry of Economic Development and Trade, discussed the main findings and recommendations of the report, Financial Analysis to Support SDGs Implementation in Tajikistan that will contribute to formulating new and emerging opportunities for concessional and non-concessional sources of finance for public and private investments.
In her remarks, UN Resident Coordinator in Tajikistan Dr. Pratibha Mehta said, The SDG 17 (Partnerships for the Goals) in the Agenda 2030 envisages that countries would have to take steps to unblock their domestic public and private finance. This may be achieved by undertaking robust reforms for public finance management and private sector development and explore non-traditional ways to mobilize and leverage international financing, including partnerships.
The report recommends introducing Medium Term Expenditure Frameworks and program-based budgeting, which may trigger additional concessional financing as program aid. It also suggests revamping the regulatory environment with a more conducive and predictable governing system, especially tax policy and administration for private sector development. This will attract various forms of funding for Small and Medium Enterprises (SMEs).
Furthermore, the Government could allocate start-up grants and concessional lending as well as business development services subcontracted to private sector management companies on a competitive basis. This is an approach similar to what has been successfully implemented in several other countries through venture and challenge funds.
Deputy Minister of Economic Development and Trade, Mr. Tojiddin Jurazoda, noted that the Government of Tajikistan will use various internal and external financing mechanisms to assess new opportunities in implementing NDS and achieving SDGs.
Source: United nations in Tajikistan