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By Vusala Abbasova

A new action plan on the management of state finances (MSF) for the 2015-2018 period was discussed and approved during the third session of Coordination Council at the government in Dushanbe on Tuesday, Asia-Plus reported.

The Coordination Council also approved a Plan of Action for the second phase of implementation of the standards for financial reporting in public sector of Tajikistan during the session chaired by the Minister of Finance of Tajikistan, Abdusalom Kurboniyon.

The attendees of the session have also considered the new system of information support of public financial management in Tajikistan.

Earlier, the Ministry of Finance reported that the main feature of the updated Plan of Action of the MSF Strategy over 2015-2018 is its linkage with the stages of the budget cycle.

The new Plan of Action and is the next logical step for the implementation of the activities after the previous action plan on the MSF Strategy over 2012-2014, which includes all of the MSF reforms of the public sector.

There were a range of participants took part in the work of the Coordination Council dedicated to the issues related to management of state finances, such as: Minister of Economic Development and Trade, Negmatullo Hikmatzoda, Minister of Justice, Rustam Shohmurod, the Chairman of the State Committee on Investments and State Property Management, Kodiri Kosim, First Deputy Chairman of the National Bank of Tajikistan, Jamoliddin Nuraliev, and the chairmanship of other ministries and institutions of the country.

The representatives of international finance organization also took part in the meeting.

Earlier, the World Bank Board of Executive Directors allocated $10 million to finance the Public Finance Management Modernization Project in order to improve the effectiveness and transparency of public financial management in Tajikistan.

The United Kingdom Department for International Development (DFID) is co-financing the project in the amount of $11 million, bringing the total project cost to $21 million.

“Improved public finance management is a key foundation for all other public sector reforms in the country, said Patricia Veevers-Carter, World Bank Country Manager for Tajikistan.

The World Bank’s actively invests in Tajikistan includes 21 projects with a net commitment of $323.4 million. The main goals of the projects are supporting the economic growth through private sector development, while investing in better public services for people, such as education, health, municipal services and social protection.

Currently, the Country partnership Strategy for Tajikistan over the period 2015-2018 launched by the World Bank is being act in the country.

This Strategy will increase the well-being of the people of Tajikistan by expanding economic opportunities for the private sector and for poor and vulnerable groups in society.

The World Bank will provide its support to Tajikistan through the existing portfolio of projects along with new investments in education, water and sanitation, irrigation, transport, and public financial management over the 2015-2018.

The Bank will also support structural reforms in the energy and financial sectors to help stimulate stronger growth.

Generally, the World Bank provided over $1 billion in grants and highly concessional credits from the International Development Association and trust fund resources to Tajikistan since 1996.

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