Turkmenistan, World Bank develop interim cooperation strategy

Business Materials 20 May 2013 16:59 (UTC +04:00)

Turkmenistan, Ashgabat, May 20 / Trend H. Hasanov /

The World Bank (WB) Group and Turkmenistan are currently working on the preparation of the Interim Strategy, the World Bank said in a statement.

According to the statement, the World Bank, in partnership with International Finance Corporation (IFC), its private sector development arm, and the European Bank for Reconstruction and Development (EBRD) conducted knowledge sessions for the officials of
the Turkmen banking and financial sector on financial and private sector development.

Some 50 representatives from ministries and government agencies including the Ministry of Finance, Ministry of Economy and Development, Central Bank, Ministry of Labor and Social Protection, the State Insurance Company and a number of commercial banks attended the knowledge sessions facilitated by specialists from the World Bank, IFC, and EBRD. The sessions covered such topics as payment systems, credit registries, secured transactions, bank supervision and regulation, bank privatization, microfinance, leasing, insurance, pension funds and capital markets.

Once finalized and approved by the Board of Directors, the Interim Strategy will serve as a platform for expanded cooperation covering up to a two-year period (fiscal years 2014-15, from July 2013 through June 2015).

The main purpose of the Interim Strategy is to provide support for analytical and advisory activities designed to assist the government address selected technical issues related to the country's development priorities.

The partnership strategy is expected to cover such areas as: private and financial sector development, macroeconomic management, and other related issues to support the Government's long-term socioeconomic development program for the benefit of the Turkmen people.

"IFC is keen on collaborating with Turkmenistan in a number of areas", IFC Regional Manager for Central Asia Moazzam Mekan said.

Under the proposed Interim Strategy forTurkmenistan, the World Bank Group plans a number of analytical and advisory activities with the aim to assist Turkmenistan integrate in the global financial system."