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Tajikistan: How a Broke Government Keeps its Books Balanced

The Ministry of Finance of the Republic of Tajikistan

In its annual budget, Tajikistan is relying on unusual accounting maneuvers to ensure its books reflect a healthy balance. The reality is far bleaker, and international support is playing a key role in holding the country back from the economic precipice.
 
In November, lawmakers adopted a budget for 2018 that shows the deficit as a proportion of gross domestic product, or GDP, at a healthy 0.5 percent — a figure that would be the envy of most advanced economies. Anticipated GDP for next year is 67 billion somoni ($7.4 billion).
 
When counting in the local currency, expenditures are seen rising to 21 billion somoni, a one-tenth increase on 2016. In dollar terms, however, the scale of that increase is far more modest, from $2.2 billion to $2.3 billion — a result of the somoni’s devaluation.
 
But these marginal improvements are achieved through out-of-the-ordinary measures.
 

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Tajikistan: How a Broke Government Keeps its Books Balanced

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