IMF: Turkmen economy proves stability in terms of global financial crisis
Turkmenistan, Ashgabat, Nov. 8 / Trend H. Hasanov /
Turkmen economy has proven its stability in terms of the global financial crisis, the International Monetary Fund (IMF) said.
IMF consultations with Turkmenistan were conducted in accordance with Article IV of the Agreement for the IMF member-countries. According to the IMF's forecasts, real GDP growth of Turkmenistan in 2011 may amount to 111.5 percent.
According to the IMF's executive board, Turkmenistan established a stable basis to improve state finance management and to stimulate private sector growth.
The report draws attention to the tax-budget and monetary reforms conducted in 2009. Real GDP increased by 6,1 percent last year. Foreign investments also increased but the inflation reduced by 0.1 percent.
The information report also noted that the actions were taken to implement International Financial Reporting Standards (IFRS) and to counteract money laundering and terrorism financing after unifying the exchange rate in 2008 and denominating the national currency in January 2009.
The IMF Executive Board appreciated the continuation of reforms in the banking sector. They are aimed at enhancing the stability, introducing international financial reporting standards, increasing capitalization, improving banking supervision and regulation.