Turkmenistan, Ashgabat, Feb. 26 / Trend, H. Hasanov /
The Turkmen state budget has been stable in its surplus for the last few years, material released by the Institute of Strategic Planning and Economic Development said today.
The country's budget revenues increased by 2.1 times between 2008 and 2012. According to the information, the dynamic growth of state budget revenues has a positive impact on investment activity of the country.
"In 2012, the ratio of the state budget surplus to gross domestic product (GDP) was 6.4 percent," the statement said. "This is a very high figure, reflecting the strength of the country's financial system."
In 2012, around 69 percent of state budget funds were directed towards public and social services. The share of funds from the central and local budgets of the total investment volume to fixed assets significantly increases. In 2012, around 16.3 percent of investments in fixed assets of the country were financed by central and local budgets.
According to the information, a stable political situation, sustained growth of the national economy, an invariable national currency rate, strong resources and raw materials and a legal system that guarantees reliability of investments per international requirements contribute to increases in Turkmenistan's investment rating.
As of Jan. 2013, the profitable part of the Turkmen state budget hit 112.2 percent with expenses standing at 94.8 per cent.
It was reported that the Turkmen Parliament approved the state budget as of 2013. The revenue of the state budget was 86.335.8 billion Manat, with expenses at 89.735.8 billion Manat.
The official rate of Manat compared to the U.S. dollar has recently remained at 2.85 Turkmen Manat.
Revenues will be formed by such important sectors in industrial areas such as oil and gas, chemical, power engineering and construction. The agro-industrial complex, transport and communication sector, textile and food industries will be further developed.
Revenues are planned to be increased by developing and stimulating the activity of private enterprises.
Significant investments will be spent to implement large scale national projects, including the construction of new facilities at Avaza the national tourist zone, the implementation of an urban development program in the capital and provinces of the country, the construction of important social and cultural facilities and the industrial and transport communications infrastructure.