Priorities for Sustainable Growth : A Strategy for Agriculture Sector Development in Tajikistan, Technical Annex 2. Cotton Sector in the Global Context
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Washington, DC
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Agriculture sector growth has made a
powerful contribution to post-war economic recovery in
Tajikistan, accounting for approximately one third of
overall economic growth from 1998 to 2004. Sector output
increased by 65 percent in real terms during this period,
and has now returned to the level extant at independence in
1990. Total Factor Productivity (TFP) has also increased, by
3 percent per year. Despite this progress, there is
legitimate concern that this growth is unsustainable.
Evidence suggests that it has been driven largely by the
external factors noted above, rather than substantive
changes to resources, incentives and the behavior of factor
and commodity markets. First, an extensive program of policy
reform, particularly in the area of land ownership, has yet
to make a substantial impact on the incentive structure for
agricultural workers cultivating the majority of arable
land. Second, sustainable growth requires positive net
investment. Third, commodity markets remain weak, with a
limited capacity to translate increased demand into improved
production incentives. And fourth, growth in crop production
has been largely driven by low value food and cereal crops.
A sustainable increase in access to rural finance will
require much greater emphasis on the development of
alternative sources of finance for all of agriculture, in
addition to resolution of the cotton debt crisis. The
capacity for agricultural loan appraisal and management also
needs to be strengthened, new collateral instruments
introduced and new loan products developed, which are suited
to agriculture in general and small-scale farmers in particular.
Palabras clave
ACCESS TO MARKETS, ADVERSE EFFECTS, AGRICULTURAL LAND, AMOUNT OF CREDIT, ARBITRATION, AUCTION, AUCTION SYSTEM, AUCTIONS, AUTOMATION, AVERAGE PRICE, BANK ACCOUNT, BANKING INSTITUTIONS, BID, BUYER, BUYERS, BY-PRODUCTS, CAPITAL FLIGHT, CAPITAL INVESTMENT, CERTIFICATE, CERTIFICATES, CHECKS, COCOA, COFFEE, COLLATERAL, COMMERCIAL BANK, COMMERCIALIZATION, COMMODITIES, COMMODITY, COMPETITIVE ADVANTAGE, COMPETITIVE ADVANTAGES, COMPETITIVENESS, CONSUMERS, COTTON, COTTON GROWING, COTTON PRODUCTION, COTTON SALES, COTTON SECTOR, COTTON SEED OIL, COTTON SEEDS, COTTON TEXTILES, COUNTRY OF ORIGIN, COUNTRY RISK, CREDIT HISTORY, CREDIT SYSTEMS, CREDIT TERMS, CREDIT WORTHINESS, CROP, CROP LOSSES, CROPPING, CROPS, CURRENCY, CURRENCY CRISIS, CURRENCY HEDGING, CUSTOMS, DEBIT CARDS, DEBTS, DECISION MAKING, DECISION MAKING PROCESS, DELIVERY TIMES, DEPOSIT, DERIVATIVES, DEVELOPING COUNTRIES, DRAINAGE, ECONOMIC VALUE, ECONOMIES OF SCALE, ELECTRICITY, END USER, END USERS, EQUIPMENT, EXCHANGE RATE, EXPORT MARKETS, EXPORTS, FAIR, FAIR TRADE, FARM, FARMER, FARMERS, FARMERS ORGANIZATIONS, FARMING, FARMS, FIBERS, FINANCIAL SERVICES, FIXED COSTS, FOOD CROPS, FOOD PRODUCTS, FOREIGN DIRECT INVESTMENT, FORM OF COLLATERAL, FREE MARKET, FREE TRADE, FUTURE CONTRACTS, FUTURES, FUTURES CONTRACT, FUTURES CONTRACTS, FUTURES MARKET, FUTURES MARKETS, GEOGRAPHICAL AREA, GLOBAL ECONOMY, GLOBAL MARKET, GLOBALIZATION, GROWING SEASON, HARVESTING, HOLDING, IDENTIFICATION NUMBER, INDUSTRIAL REVOLUTION, INELASTIC DEMAND, INFLATION, INNOVATION, INSTITUTION, INSURANCE, INSURANCE MARKET, INSURANCE PREMIUM, INTEREST RATE, INTERNATIONAL COMPANIES, INTERNATIONAL DEVELOPMENT, INTERNATIONAL LAW, INTERNATIONAL STANDARD, INTERNATIONAL TRADE, INTRINSIC VALUE, INVENTION, ISSUANCE, JOINT VENTURE, LABOR COSTS, LAND AS COLLATERAL, LAND HOLDINGS, LAND MANAGEMENT, LAND OWNERSHIP, LAND PARCEL, LAND PRIVATIZATION, LEGAL SYSTEM, LETTER OF CREDIT, LETTERS OF CREDIT, LIEN, LIQUIDITY, LOCAL BANK, MANAGEMENT SYSTEMS, MANUFACTURING, MARKET PRICE, MARKET RISK, MARKET SHARE, MARKET SHARES, MARKETING, MARKETING BOARDS, MASS MARKET, MATERIAL, MORTGAGE, NICHE MARKET, OPEN MARKET, OPERATIONAL EFFICIENCY, ORGANIC CROPS, ORGANIC PRACTICES, OUTSOURCING, OVERDRAFT FACILITIES, OVERDRAFT FACILITY, PERFORMANCES, PLANTING, POINT OF SALE, POLITICAL RISKS, PRICE PREMIUM, PRICE RISK, PRICE RISK MANAGEMENT, PRICE SETTING, PRICE STABILIZATION, PRICE VOLATILITY, PRICING POLICIES, PRIVATE SECTOR, PROCUREMENT, PRODUCE, PRODUCER PRICE, PRODUCTION INCREASES, PRODUCTION OF COTTON, PROMISSORY NOTES, PROTECTIONISM, PURCHASE PRICE, PURCHASING, RA, REGULATORY FRAMEWORK, RENT SEEKING, REPAYMENT, REPAYMENT HISTORY, REPAYMENT RISK, REPAYMENTS, RESULT, RESULTS, RETURN, RETURNS, RISK MANAGEMENT TOOL, RISK OF DEFAULT, RURAL CREDIT, RURAL FINANCE, SALE, SALES, SALES MECHANISM, SEED, SEED COTTON, SEED INDUSTRY, SEED TYPES, SEEDS, SHAREHOLDERS, SPREAD, STOCKS, SUPERMARKETS, SUPPLIER, SUPPLIERS, SUPPLY CHAIN, SURPLUS, SUSTAINABLE AGRICULTURE, SWAPS, TAX, TAX INCENTIVES, TECHNOLOGICAL DEVELOPMENTS, TRADE UNION, TRADING, TRANSACTION, TRANSACTION COST, TRANSACTION COSTS, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, VALUATION, VALUE CHAIN, VOLATILITY, WAREHOUSE, WAREHOUSE RECEIPT, WHOLESALERS, YIELDS