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Turkmenistan spends Stabilization Fund’s money to buy construction materials

Business Materials 7 February 2009 12:34 (UTC +04:00)

Turkmenistan, Ashgabat, Feb. 7 / Trend , E.Hasanov/

Turkmenistan has spent a part of Stabilization Fund's money to purchase construction materials, Turkmenistan Finance Ministry reported.

"As part of Turkmen President's order, Stabilization Fund allocated 400 million manat to purchase abroad construction materials, equipment, a wide range of goods at favorable prices," the report says.

Today, one dollar equals 2.85 Turkmenistan manat.

The Government decided that decline in prices on building materials is favorable for Turkmenistan, which possesses considerable natural gas resources, and will entail a revival in purchase transactions.

Turkmen President Gurbanguly Berdimuhamedov ordered to review contracts with a number of companies as a result of substantial reduction in world prices on imported construction materials and equipment. Taking into account price changes, Turkmenistan 2009 state budget has been re-counted. National currency is being denominated in Turkmenistan in 2009.

Turkmenistan Stabilization Fund was founded in 2008. Deductions from the current budget surplus provided the basis of Stabilization Fund savings. State financial assets will be accumulated in the Fund in future. In general, Fund's money is envisaged for socio-economic development in the country through transfers to realization of national programs, introduction of modern technologies.

Turkmenistan is a key supplier of natural gas in the region. In September 2008, the country adopted a new Constitution supplemented with an article on transition to market relations standards from administrative-command management.

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