Tajikistan_Preparing the Financial Sector and Fiscal Management Improvement Program


The Asian Development Bank (ADB) is preparing the Tajikistan Financial Sector and Fiscal Management Improvement Program. The program concept was approved in December 2019 and aims to support the Government of Tajikistan with reforms to create a more stable financial system, enhance access to financial services, and improve fiscal management to accelerate sustainable private sector growth.

The program will (i) enhance banking sector stability, (ii) improve the enabling environment for the financial sector, and (iii) strengthen public financial management. The program will support the government’s reform agenda in the national development strategy up to 2030, and includes two subprograms to be implemented during 2020–2021.

Output 1: Individuals deposit insurance fund strengthened. 

Output 2: Macroprudential supervision improved.

Output 3: Financial sector strategy developed. T

Output 4: Government securities market strengthened.

Output 5: Financial sector legal and regulatory framework reviewed and revised. 

Output 6: Public expenditure management improved.


Major responsibilities of the Government Securities Specialist include, although are not limited to, the following activities:

  • (i) Assist MOF with developing the government securities market, including establishing regulations and operational guidelines for regular auctions for government securities at market interest rates and introducing medium term government benchmark bonds;
  • (ii) Provide recommendations on how the government securities auction process can be modernized, including moving from a paper based to electronic system;
  • (iii) Provide support to expand the investor base for government securities, develop investor relations, and improve information availability;
  • (iv) Provide training to MOF.