IMF mission confirms the successfulness of ambitious changes and reforms in Turkmenistan

In the framework of the working visit to Turkmenistan on March 6-17, the IMF mission led by Mr. Martin Sommer held a number of meetings in ministries and departments, banking institutions and the Mejlis of Turkmenistan.

In their statement made upon completion of the mission, the IMF specialists noted that the economy of Turkmenistan continued to adapt to an adverse external environment. “The measures taken to develop the industry and increase the volumes of gas exports contribute to the stable progress of the country.

“In the short term, the main task of the economic policy is to reshape the complex of measures to reduce the impact of external factors. In particular, it is planned to significantly reduce the share of public capital expenditures in investment programmes. Priority areas of the social and economic strategy of Turkmenistan include the reformation of the GDP industrial structure through the development of new industries, in particular export-oriented and import-substituting industries, restructuring state enterprises and their privatization, the balanced development of all industries and regions, the state support of small and medium entrepreneurship.

IMF representatives stated that the key vectors for further development of Turkmenistan would be reflected in the 2017-2023 concept. According to IMF experts, the complex measures taken by President of Turkmenistan Gurbanguly Berdimuhamedov were to promote attracting direct foreign investments and opening up the access to the world capital markets.

The IMF stands ready to support the government’s reforms through policy advice and capacity building, including on macroeconomic statistics and forecasting, monetary policy operations, and fiscal policy.