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IMF Positively Evaluates Development Prospects in Turkmenistan
Source: turkmenistan.gov.tm
Source Date: Thursday, December 09, 2010
Focus: Institution and HR Management
Country: Turkmenistan
Created: Dec 13, 2010

A team from the International Monetary Fund led by Ms. Veronica Bacalu concluded its visit to the Turkmen capital. In the Turkmen capital the IMF experts conducted a series of talks at ministries and departments where a lively discussion of the ways to enhance further fruitful cooperation between Turkmenistan and this leading international financial organisation took place.

During the visit the IMF team members in collaboration with the Central bank of Turkmenistan organized presentations for specialists of ministries and departments and commercial banks on the development prospects of the regional and world economies.

Upon concluding the meetings, the IMF External Relations Department issued the statement focusing in particular on that the mission welcomed the continued progress in the implementation of the comprehensive reform under the leadership of President Gurbanguly Berdimuhamedov aimed at economic diversification and private sector development.

It was stated that continued reforms in monetary, foreign exchange, financial, and fiscal areas are contributing to the robust performance of the national economy. Real GDP growth remained to be ensured by the progressive investment policy of the Turkmen state together with substantial foreign direct investment. The critical factors helping build trust in the national currency and increase the role of banks included a stable exchange rate, increased access to foreign exchange and a more liberal trade regime.

The ongoing recapitalization of commercial banks and implementation of international financial reporting standards in the banking system are further strengthening financial sector.

In the context of the projections for Turkmenistan’s socio-economic development for the next year and over the medium term, it was stated that “as global demand recovers and hydrocarbon export volumes increase, the Turkmen economy is projected to grow steadily in 2011 and beyond. Growth will also be supported by on-going investment projects to develop the nonhydrocarbon economy, including infrastructure and social programs”.

It was noted in the statement that the mission welcomed the increase in budget spending on education and healthcare envisaged in the recently adopted 2011 State budget.

According to IMF experts, “continuation of macroeconomic reforms will be important for further diversification and strengthening of the economy for the benefit of the Turkmen people.”

It was emphasized that the IMF supported the efforts taken by the Government of Turkmenistan to improve macroeconomic management, reform the financial sector, and expand private sector activity to achieve long-run sustainable growth. In this regard the International Monetary Fund stated its readiness to continue the constructive dialogue with our country.
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