The Tajik economy has shown good performance in 2025, according to the Third Review of the International Monetary Fund (IMF) Executive Board's Policy Coordination Instrument (PCI) for Tajikistan, Asiaplus.tj reports.
This program, launched in February 2024, aims to maintain macroeconomic stability and stimulate growth through structural reforms.
Tajikistan's GDP grew by 8.2% in the first three quarters of the year, while inflation remained low at 2.8%. Large remittances from abroad contributed to the growth of reserves, and fiscal discipline helped reduce public debt.
IMF analysts forecast Tajikistan's economic growth at 6% in 2026. However, they expect risks related to the external economic environment, particularly a slowdown in countries where Tajik labor migrants migrate. The current account is projected to move into a small deficit in the future, but reserves will remain stable.
To strengthen economic resilience, IMF experts recommend that the government of Tajikistan continue structural reforms, including improving governance, transparency, and job creation. Strengthening financial oversight and increasing the efficiency of public spending, including social and infrastructure projects, will also be important.
The IMF statement emphasizes that Tajikistan has made significant progress in tax policy and improved payment discipline in the energy sector in 2025. However, for further development, it is important to continue reforms aimed at improving tax collection and reducing losses in the electricity sector.
Overall, the IMF recommends continuing efforts to improve the economic situation in Tajikistan.
The Policy Coordination Instrument (PCI) is a mechanism developed by the IMF that helps countries implement economic reforms and achieve macroeconomic stability. This instrument provides governments with the opportunity to enter into an agreement with the IMF that focuses on improving macroeconomic policies and structural reforms aimed at sustainable economic growth.
The PCI does not provide financing, as with traditional IMF lending programs, but includes regular progress assessments and recommendations from the Fund. Countries using the PCI commit to specific economic goals and reforms to improve fiscal management, strengthen macroeconomic stability, and create conditions for more inclusive and sustainable economic growth.
This instrument is particularly suitable for countries that do not require urgent financial support but want to strengthen their economies and improve their fiscal policies with the help of expert advice and IMF monitoring.
CentralasianLIGHT.org
December 26, 2025