Ashgabat, Turkmenistan, July 4
By Huseyn Hasanov– Trend:
In order to ensure financing of investment projects, the government securities market is actively developing in Turkmenistan, and the volumes of this market are growing every year, the Turkmenistan State News Agency reported.
A round table meeting devoted to the Sustainable Development Goals has been organized in the Ministry of Finance and Economy of Turkmenistan, according to the report.
In particular, Muhammetgeldi Ataev, editor-in-chief of the scientific and practical journal “Finance and Economics”, noted that the Ashgabat Stock Exchange started operating in 2017, and its work is aimed at creating a secondary securities market.
He said that the increased volume of investments in economic diversification made it possible to expand the tax base of non-hydrocarbon sectors of the economy to form the revenue part of the state budget and increase the volume of social sector financing, which makes 75-80 percent of the total state budget expenditures.
In addition, the implementation of conservative fiscal policy, coordinated with monetary policy and the policy of developing financial markets ensured stability of the budgetary system, the unconditional fulfillment of all commitments on expenditures by the state, increasing their efficiency and effectiveness, he noted.
In turn, Galina Romanova, head of State Finances and Economic Policy Department of Turkmenistan, drew attention to the fact that the banking system is actively developing in the country.
Monetary policy is aimed at financing and mobilizing funds in the economy of Turkmenistan, taking into account all factors of socio-economic development, she said.
The balance of the commodity and monetary market is supported by the effective use of monetary policy instruments, she noted in her report.
Romanova added that financial support for the private sector, the development of which is already mature enough, is one of the priority areas of the monetary policy.
Turkmenistan has embarked on a policy of gradual transition to market economy.
Presently, a regulatory and legal framework is being created. The conditions are being created for free wholesale trade.