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Tajikistan: National Bank Admits Lying To IMF To Secure Loans

The new chief of the National Bank of Tajikistan has admitted that the bank intentionally gave incorrect information to the International Monetary Fund (IMF) in order to secure essential loans worth nearly $48 million. “We have to support the agricultural sector somehow, and this was one of the ways to support it,” said Sharif Rahimzoda. “As of today, the Tajik National Bank will no longer engage in such [dishonest] activities.” Rahimzoda replaced Murodali Alimardon in January. Alimardon had been in charge of the bank for 13 years and headed it when the false information was given to the IMF. Tajikistan is in the process of repaying the loans in question. Many in Tajikistan believe that international lending organizations like the IMF will now be reluctant to give money to Tajikistan, one of the world’s poorest countries. Full Story

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