IMF continues to promote structural reforms in Turkmenistan

BAKU, Azerbaijan, March 15Trend: The International Monetary Fund (IMF) continues to encourage structural reforms in Turkmenistan aimed at diversifying the economy, improving the business environment and increasing the role of the private sector, the IMF told Trend.

In addition, the IMF strives to provide detailed policy advice that reflects the experiences of other economies and lessons learned.

“The IMF’s goal is to provide policy advice on macroeconomic and financial issues and help the Turkmen authorities build institutions and technical capacity,” the Monetary Fund said.

It was noted that the IMF staff took note of the intention of the authorities of Turkmenistan to strengthen financial supervision by bringing the regulations in line with the Basel principles.

Thus, the report of the monetary fund says that strengthening the supervisory and regulatory framework will not only reduce potential systemic risks in the financial sector of Turkmenistan, but also pave the way for the transition to a market economy.

Earlier, the IMF predicted real GDP growth in Turkmenistan at 4.6 percent in 2021 against 0.8 percent in 2020. It was also projected that real GDP growth in Turkmenistan in 2022 will be 3.9 percent.

Note that the real GDP of Turkmenistan in 2018 was 6.2 percent, and in 2019 – 6.3 percent.

The IMF report also indicated that Turkmenistan’s current account balance is expected to rise to 0.8 percent in 2021.

(Author: Jayla Aliyeva. Editor: Natavan Efendiyeva)

Twitter: @JeilaAliyeva






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