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World Bank Group helps Tajiks increase financial literacy

Xinhua, February 23, 2015 Adjust font size:

The World Bank Group and some other institutions launched Monday a comprehensive national education program in Tajikistan to combat low levels of financial literacy and growing concerns about over-indebtedness.

The initiative, its organizers say, is aimed at helping individuals and households learn how to better manage their money, develop sound financial skills and foster stronger banking relationships, as part of a broader effort to increase access to financial services in the country.

The program includes educational materials on, among others, household budgets, personal wealth management, smart borrowing rules, over-indebtedness prevention and saving strategies.

The teaching will be delivered via a variety of channels including television and radio, according to the country office of the International Finance Corporation (IFC), a member of the World Bank Group.

A recent research on financial literacy in Tajikistan carried out by the IFC revealed that more than 40 percent of respondents spend all their income, while only half make regular savings.

In addition, 83 percent cannot explain basic banking terms, about 90 percent have never heard about the credit bureau, and only about 40 percent will agree to provide their credit information to the credit bureau.

The initiative is part of a Switzerland-funded World Bank Group project contrived to strengthen financial infrastructure in Central Asia.

The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. Besides the IFC, it also comprises the International Bank for Reconstruction and Development, the International Development Association, the Multilateral Investment Guarantee Agency and the International Center for Settlement of Investment Disputes.

Each institution plays a distinct role in the mission of fighting poverty and improving living standards for people in the developing world.

Tajikistan became a member of the IFC in 1994. Since 1997, the organization has invested 133 million U.S. dollars to support 40 private-sector projects in finance, hydro power, retail, tourism and manufacturing. Endi