The Agency, the EU-funded project - Technical Assistance to Support Pension Reform in Tajikistan – and the Tajikistan National University launched a series of actuarial training courses over the last year to develop capacity in this field and help to establish the actuarial profession.
This second course follows on the first course last year, which trained 3 officials of ASIP who received course-completion certificates in September 2018. These courses are part of a collaborative effort among the Tajikistan National University (TNU), the Agency and the EU Project. The aim of this partnership is to establish an educational program in actuarial science which eventually would lead to trained actuaries in Tajikistan.
In her remarks presenting certificates, Ambassador Marilyn Josefson, Head of the Delegation of the European Union to the Republic of Tajikistan, said, “The European Union believes that it is important to the sound financial management of the pension insurance program for the Agency to have well-trained analysts with good actuarial calculation skills. Actuarial science is perhaps one of the most challenging disciplines in the field of mathematics to master, but yet it is so important to the financial stability of a national program that so many vulnerable citizens rely on.” Project actuaries are providing lectures, seminars and discussions to staff in order to make longer-term projections on the financial flows of the pension and social insurance system and move into more complex fields of actuarial science. The University is offering this specially-designed course to assist ASIP in training its staff. The University has education material available in both Tajik and Russian languages, has a computer lab and has the ability to provide educational modules through Webinars.
This current course introduces the Agency staff members to the theory of statistics, a review of essential mathematical precepts and practical use of Excel spreadsheets in making calculations. It also covers one of the fundamental topics required to carry out actuarial calculations, which is Probability Theory. A follow-on course is being planned to provide both the first group and the second group of officials with more in-depth learning of actuarial calculations, including probability and statistics, financial mathematics (interest theory) and demographics (population projections).
By the end of the series of classes, it is expected that the BMAC staff will be able to undertake statistical modelling using Excel to make initial projections of the income and outgo to the pension fund (demonstrating financial stability) based on demographic, economic and financial variables.
The EU project is an integral part of the Human Development Support Programme II (HDSP II) signed by the EU and the Government of Tajikistan (GoT) in October 2014. Pension reform also works best in cooperation and coordination with other programs that the European Union is supporting in promoting further economic and human development in Tajikistan.
The ICON-INSTITUTE of Cologne, Germany, is heading a consortium from the United Kingdom and France implementing the Project which began operations in January 2017. The Project is being implemented in partnership with ASIP.