IMF mission in Turkmenistan notes the active measures to import substitution and export incentive

A delegation of International Monetary Fund during the next visit to Turkmenistan estimates the macroeconomic situation and discusses national policy priorities with senior government officials and representatives of the diplomatic community.

Upon completion of the mission in Ashgabat, the head of the IMF delegation, Martin Sommer makes a statement to the press, which highlights the proactive policy of Turkmenistan for import substitution products of local production and export incentives allowing our country significantly mitigate the impact of unfavorable external conditions.

In particular, among the objective factors that influences the economy of Turkmenistan is the low prices for hydrocarbon raw materials restrained the pace of economic growth of trade partner countries. At the same time it emphasizes that the growth of non-hydrocarbon sectors of the Turkmen economy contributes measures of credit and structural policy of President Gurbanguly Berdimuhamedov to support the diversification sectors.

The IMF reports that the Turkmen authorities have taken a series of active measures to neutralize the external challenges; it has been strengthened to stimulate domestic production of both within the new strategic investments in the hydrocarbon sector, as well as through the provision of substantial financial resources for a local business development.

IMF experts state the possibility of further progress in the field of improving the efficiency of public spending; improve banking regulation and supervision in order to prevent risks, stress the appropriateness of the accelerated development of the private sector in order to ensure sustainable economic growth and the living standards of its population.

The IMF announces its readiness to support the reforms conducted by the government of Turkmenistan with the help of recommendations on issues of economic policy and development programs, including in the area of macroeconomic statistics and forecasting, money-and-credit operations and fiscal policy.

 

State News Agency of Turkmenistan (TDH)