President Rahmon: Worker remittances from Russia drop for $80 million for month and a half

AKIPRESS.COM - Worker remittances from Russia to Tajikistan in March and the first half of April dropped for $80 million or by 50%, President Emomali Rahmon said in the financial assistance request to the International Monetary Fund, Asia-Plus reported.
Remittances were affected by travel restrictions and plunged oil prices.
"Decline in remittances probably will last several months that will lead to abrupt reduction of consumption, growth of unemployment, increased pressure at the foreign exchange market.
The budget deficit is expected to grow significantly, since revenues are declining and the government has to contain spread of coronavirus infection, provide medical treatment for patients, support needy citizens.
This request for financial assistance was sent to IMF on April 29.
The Executive Board of the International Monetary Fund approved a disbursement to Tajikistan under the Rapid Credit Facility (RCF) equivalent to SDR 139.2 million (US$ 189.5 million, 80 percent of quota). These funds will help meet the urgent balance of payments and fiscal financing needs stemming from the outbreak of the COVID-19 pandemic and will help prevent severe economic and human disruption and preserve fiscal space for essential COVID-19-related health and social expenditure.