Central Bank of Turkmenistan prepared financial package for private sector support
Turkmenistan, Ashgabat, March 23 /Trend, H. Hasanov/
President of Turkmenistan Gurbanguli Berdymuhamedov allowed country's Central Bank to allocate $30 million from government's resouces to Turkmenistan's Union of Industrialists and Entrepreneurs.
According to the order, such move will serve the objectives of sustainable, rapid development of national economy, further development of entrepreneurship in the country, as well as provide a broad public support to entrepreneurs in successfully addressing the objectives of the State program to support small and medium-sized enterprises in Turkmenistan for 2011-2015.
This, according to the long-term socio-economic development program for 2020, should lead to a 70 percent increase of non-state sector of country's GDP.
During the global financial crisis, Turkmenistan did not allow clotting industries, downtime, loss of jobs, delays in salary payments, as was reported in a report of Institute of Strategic Planning and Economic Development.
Full local business support for local businesses is being implemented, a number of additional benefits has been introduced, concessional lending is being applied, lots of procedures have been simplified.
Turkmenistan initially was going towards state regulation of economic growth and ensuring social guarantees to the population during the transition to market relations.
Turkmenistan has held a series of economic reforms for the past four years.
National currency has been denominated, exchange rate changes on international standards of accounting statements have been unified, and also an article on the transition to market relations in the amended Constitution appeared.