A meeting of the focus group on getting access to credits of the Interagency Taskforce on improvement of the country position in the Doing Business report has been conducted on April 29, 2019 at the Secretariat of the Consultative Council under the President of the Republic of Tajikistan on Improvement of Investment Climate.
Members of the focus group including relevant public bodies, business associations and credit unions representatives of the country have been participated in the meeting.
Participants have discussed issues of the legal framework of credit unions regulation, including registration, taxation, their features and difference from banking institutions, simplification of regulation by amending the legislation, procedures of reporting to the NBT, exemption from taxes to ensure attraction of their funds to the banking system as well as providing support by development partners in the early stages of starting their activity.
As it has been noted by the senior economic consultant of the Secretariat of the Consultative Council under the President of the Republic of Tajikistan on Improvement of Investment Climate, Manuchehra Madjonova, legalization of the credit unions activity can significantly improve the country position in the Doing Business report on getting credits indicator through the widening the population coverage with credit history form credit unions.
According to the Doing Business report ranking despite of operating the two credit history bureaus in the country since 2013 coverage of population with credit histories is 44,9% of adults in compare with 42,8% in the region and 63,7% coverage in OECD countries.
Thus arrangement of the exchange of information among the credit unions and credit history bureaus will ensure enhancing the coverage of the population with credit histories, consequent decrease in banking system risks and credits percent rates significantly as well as improvement of the country position in international ranking.
At the end of the event results of discussion have been summarized and relevant decisions have been made by participants.