IMF approves allotting $189.5 mln to Tajikistan to fight Covid-19
DUSHANBE. May 7 (Interfax) - The Executive Board of the International Monetary Fund (IMF) has approved a disbursement of $189.5 million to Tajikistan to help it fight the Covid-19 pandemic, the IMF said on its website.
"The Executive Board of the International Monetary Fund (IMF) has approved a disbursement to the Republic of Tajikistan under the Rapid Credit Facility (RCF) equivalent to SDR 139.2 million (US$ 189.5 million, 80 percent of quota). These funds will help meet the urgent balance of payments and fiscal financing needs stemming from the outbreak of the COVID-19 pandemic and will help prevent severe economic and human disruption and preserve fiscal space for essential COVID-19-related health and social expenditure," it said.
"The economic and social impact of the crisis is expected to be substantial in Tajikistan. The economy is currently projected to contract by 2 percent this year and the overall budget deficit could rise to 7.7 percent of GDP," it said.
"The COVID-19 pandemic has had a severe human and economic impact in Tajikistan. Trade and transportation disruptions have led to a sharp drop in remittances and government revenues and created urgent balance of payments and fiscal financing needs," the website quoted IMF Managing Director and Executive Board Chair Tao Zhang as saying.