IMF: The Growth Rate of Turkmenistan’s GDP Is Expected on 6.3 Percent Level in 2019

 

 

 

 

Mission of International Monetary Fund led by Mrs Natalia Tamiris has been on a working visit in Ashgabat on November 5 – 12. The goal of the visit of the delegation of specialized United Nations institution is to assess current macroeconomic and financial situation in Turkmenistan, to discuss economic challenges and develop recommendations for development of international cooperation in monetary and financial sphere.

Experts of big financial organization had number of meetings and consultations with heads of the Government structures, business and diplomatic circles, during which the main results of social and economic reforms carried out in the country under the leadership of President Gurbanguly Berdimuhamedov have been introduced to them.

Financial and economic situation in Turkmenistan and the main directions of monetary and crediting policy have been analysed and reports have been reviewed during the talks. Macroeconomic forecast are made based on these reports.

After the visit, the IMF mission has published press release on its website, which notes that Turkmenistan continues following the strategy of provision of economic growth by the investments relying of the policy of import substitution and stimulation of export, targeted beneficial crediting and large-scale measures of currency control of international operation and payments following from this strategy.

According the experts, all of these allows expecting the growth of real GDP of the country on 6.3 percent level in 2019. Increment of export volumes is also foreasted.

The statement of the head of the IMF mission justifies recommendations for further economic development of the country, which are consonant with programme objectives set out by President Gurbanguly Berdimuhamedov and steadily implemented in the government policy of Turkmenistan.

At the same time, support of further reforms for active development of private sector and diversification of the economy and creation of conditions for competition has been expressed.

Importance of such measures as increment of investments to health protection and education and their orientation to achievement of results in the sphere of human development, which supports to education of local professional personnel and formation of environment of equal opportunities for all citizens has been noted.

The IMF delegation has said about the willingness to render consultation assistance to relative authorities of Turkmenistan in modernization of monetary and crediting sphere, enhancement of statistic reports and development of pricing policy.

President Gurbanguly Berdimuhamedov has outlined specific measures and mechanisms of achievement of objectives, which make a base of the Programme of social and economic development of the country in 2019 – 2025, in this and many other urgent directions.

In particular, the Programme includes the objectives of comprehensive use of all resources and capabilities for stable growth of national economy, development of private sector, opening of joint stock ventures, enforcement of activity of stock exchanges and securities market.

Turkmen leader focuses on digitization of the economy and strengthening of personnel potential of the country in this sphere, implementation and electronic and intellectual systems for enhancement of efficiency of the government administration and life quality of the nation, reformation and modernization of agriculture by high technologies and attraction of capabilities of small and medium business.

The President highlights that it is only diversified economy, which is based on innovative technologies, will be stable in long-term perspective.

Therefore, significant part of investments is send to development of facility for processing of hydrocarbon materials and making of production with high added value, increment of production capacity of power energy sphere, chemical industry, expansion of transport and communication complex.

Regular assessments and forecasts carried out by IMF confirms that Turkmenistan confidently continues its social and economic development steadily implementing large-scale ideas.

National model of market economy, which is actively integrated to the world distribution of labour, global trade and information relations, is formed up and improved in the country in the process of structural and qualitative changes.

International Monetary Fund is a partner of Turkmenistan in economic reforms and provides technical assistance to support all changes, which have macroeconomic significance.

The next visit of the IMF personnel is planned in March 2020.

 
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18.11.2019