Makhkamova Gulbahor (candidate of historical sciences, applicant of degree of the Doctor of Economics, Institute of economy and demography of Academy of Sciences of the Republic of Tajikistan)
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The purpose of this study is the theoretical and practical justification for the institutional preconditions for the development of microfinance in the Republic of Tajikistan. The article analyzes the importance of the institutional environment for the development of microfinance organizations whose services are considered as a key form of small business lending in the Republic of Tajikistan. It is shown that the development of capital markets, which SMEs can address, is one of the policy issues within the framework of the principle of financing diversification, which requires more complex and innovative institutional mechanisms for effective response to their real needs. The main problems of these processes in the Republic of Tajikistan are revealed: currency risks of participants in the banking system, limited access to long-term resources in the national currency, an annual decline in the share of loans in foreign currency, a reduction in long-term loans, a reduction in GDP growth and small business financing. It is substantiated that in such conditions, microfinance is one of the priority tools for financing entrepreneurship. The analysis of the world experience of microfinance of small business has allowed to propose directions of development of this field of activity: state support in the use of financial innovations, calculation of the integral indicator of population coverage by services of microfinance organizations.
Keywords:microfinance organizations, small business, lending, coverage of financial services
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Citation link:
Makhkamova G. Institutional prerequisites of development of microfinance in the Republic of Tajikistan as the forms of credit of small business // Современная наука: актуальные проблемы теории и практики. Серия: ЭКОНОМИКА и ПРАВО. -2018. -№05. -С. 115-120 |
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