RealNews

TAJIKISTAN: IMF CATCHES DUSHANBE IN CREATIVE ACCOUNTING SCANDAL

Burdened with an excessive foreign debt and facing a severe humanitarian crisis, the government of Tajikistan now finds itself disgraced in the eyes of the international community. One of the Central Asian nation’s leading creditors, the International Monetary Fund, is demanding repayment of over $47 million in loans after determining Dushanbe cooked its books in order to makes itself seem more creditworthy.The IMF Executive Board, meeting earlier in March, determined that the Tajik National Bank had supplied the international lender with “inaccurate information” about the country’s cotton sector, Tajikistan’s primary export earner, as well as top employer. The bank also doctored data concerning the size of international reserves, its net domestic assets and its credit policy. The deception pre-dated the onset of Tajikistan’s current crisis, in which severe winter weather has caused alarming shortages of heat and electricity. Full Story

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