Turkmenistan, Ashgabat, August 2 / Trend H. Hasanov /
The World Bank's Board of Executive Directors today discussed an interim strategy for Turkmenistan that will serve as a platform for cooperation for the World Bank and International Finance Corporation (IFC) with Turkmenistan to support reforms in the country from 2013 through 2015, IFC said.
The purpose of the interim strategy does not involve lending, the message said.
"Turkmenistan has asked the World Bank Group for technical assistance to support economic and financial reforms in the country," Saroj Kumar Jha, World Bank Regional Director for Central Asia, said.
"Under the new strategy, the World Bank Group will bring to Turkmenistan global knowledge and international experience to help the government implement its long-term socioeconomic development program for the benefit of the Turkmen people."
This will be done through the provision of analytical and advisory services in the areas jointly identified by the government and the World Bank Group. This approach reflects the findings of
extensive consultations with key stakeholders, including the government, private sector representatives, civil society organizations, development partners, and others, the message said.
"IFC will bring its global experience in private sector development to Turkmenistan," Moazzam A. Mekan, IFC Regional Manager for Central Asia, said.
The new interim strategy consists of two components: first - focused on selected activities in areas proposed by the government, such as macroeconomic statistics, financial sector development, and private sector development;
second - a set of strategic analytical studies undertaken by the Bank and IFC on economic
diversification, investment climate, privatization, and WTO accession. These
studies will be financed by the World Bank Group and implemented in line
with standard internal procedures for analytical and advisory services.
Turkmenistan joined the World Bank Group in September 1992 and in 1996, the Bank established a Liaison Office in Ashgabat to enhance communications with the government and to provide operational support.
Turkmenistan is in a transitional stage of its development. An article about the transition to the market relations has recently appeared in the Turkmen updated constitution for the first time.
The Caspian country is rich in natural gas. The export cotton and corn volumes are stocked. But at this stage the economy is being actively diversified. The textile industry and oil and gas processing significantly advanced.