Issuance of preferential loans to private owners begins in Turkmenistan

Turkmenistan, Ashgabat, April 24 /Trend H.Hasanov/

President of Turkmenistan Gurbanguly Berdymuhamedov authorised all commercial banks to issue preferential loans for investment to private enterprises and entrepreneurs with an annual interest rate of five per cent, local media reported on Tuesday.

This issue was raised during a meeting in which the head of state noted that the state commission has been in the central Akhal region of the country and conducted an analysis of the work carried out to implement the national programme for regional development.

"The work is being implemented very slowly here", newspaper Neutral Turkmenistan quoted Berdymukhamedovş

The local media says that only 54 facilities of social and cultural buildings were constructed out of 143 that were planned to be built in 2008-2011 in the Akhal region.

"Some 67 facilities are still under construction despite the expiration of planned terms and the construction of 22 of them hasn't even started. Only 33 per cent of planned housing was commissioned, 53 per cent of construction is in progress and 14 per cent are residential buildings where construction has not begun," Berdymukhamedov said the newspaper Watan reported.

Only 35 per cent of the construction on engineering networks has been fulfilled in the region, roads and power lines, water supply, sewerage and gas supply systems are being constructed very slowly. As it turns out such law indicators were due to a number of negative factors.

Instead of two to three months set aside for preparation and approval of project documents, up to 12-14 months were lost due to poor organisation of work by the regional leaders, the President of Turkmenistan stated.

It was also stated that the regional administration for construction permits gaps in the organisation of the work and spends a lot of time on decision-making.

Berdymuhamedov has recently allowed the central bank of the country to allocate up to $30 million through public resources to the Union of Industrialists and Entrepreneurs of Turkmenistan in order to enhance domestic business.

According to the programme of long term socio-economic development till 2020, the share of private sector in the country's GDP should reach 70 percent.

Closing of industries, forced downtime, loss of jobs, delays in salary payment weren't allowed in Turkmenistan during the recent world financial crisis, the Institute of Strategic Planning and Economic Development said.

Full support of local business is implemented; a number of additional benefits are introduced, concessional lending is used and many procedures are simplified. Turkmenistan initially chose a policy of state regulation of economic growth and ensuring social guarantees to the population during the transition to market relations. The country has made a number of economic reforms in recent years.

Denomination of national currency is implemented, exchange rates unified, international standards of accounting report is changed and finally, there was an article about the transition to market relations in the amended Constitution.

Local media also wrote on Tuesday that the President ordered the creation of a regional administration of the capital construction department, Turkmen Dovlet khabarlary reported.
In addition, Berdymuhamedov instructed officials to conduct preparation of the project of a unified model in conjunction with design agencies and their implementation, provide the on-going construction work by required building materials and make the necessary changes to the existing procedure for determining the cost of road construction works.

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