Tajikistan lied to the International Monetary Fund, which is asking for its money back
Dushanbe (AsiaNews/Agencies) - The International Monetary Fund (IMF) is accusing the Tajik National Bank of having provided "inaccurate information" on its domestic economic situation, and is asking Dushanbe to repay a loan of 47.4 million dollars. It is a large figure for the small country, already reeling from the coldest winter in memory, which has led to an energy shortage and forced rationing for the entire country, has damaged crops, and has done over a billion dollars in economic damage.
According to the IMF, the country claimed foreign currency reserves of 450 million dollars, while the true figure is no more than 115 million. Moreover, it has "inflated" the figures for its cotton industry, an essential product for export and for domestic employment.
But the country has emerged crippled from this winter, and in February it had to ask for international aid to combat widespread famine, with much of the population already limited to one meal per day. Now it is feared that the spring thaw will lead to heavy flooding, with further damage to crops.
The amount of the loan is also important for country with 614 million dollars in revenue in 2007, but which spent more than 756 million, and has a foreign debt of 1.2 billion. Experts say that the only way for the country to get the money to repay the loan is to impose new taxes on the drained population.
But the greater concern is that the possibility of receiving future foreign aid - which the country absolutely needs - could be compromised. The cotton industry alone has debts of 330 million dollars to foreign banks, and each year it requires another 80 million to avoid collapse. The IMF is one of the main international financiers, and now other creditors, like the Asian Development Bank, are announcing audits.
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