Turkmenistan has low external debt indicator

Ashgabat, Turkmenistan, Sept. 11

By Huseyn Hasanov – Trend:

Turkmenistan has a low external debt indicator, said President Gurbanguly Berdimuhamedov during a working meeting, Trend reports with reference to the Turkmen government.

The meeting was attended by the leaders of the Turkmen Central Bank and the State Bank for Foreign Economic Affairs of Turkmenistan. The implemented economic strategy of Turkmenistan is focused more on attracting direct investments than on loans and credits, the president said.

“Its effectiveness is that it allows creating additional production demand in the domestic market, contributing to the stabilization of the financial and economic situation, and doesn’t lead to an increase in external debt,” he noted. “This is confirmed by the low indicator of external debt of Turkmenistan.”

Berdimuhamedov also noted that the state budget of the country is drawn up taking into account the real situation, and it envisages more balanced, targeted use of funds.

He said that the Stabilization Fund has a positive impact on the country’s economic situation, and the Fund’s finances are used to finance priority investment projects, which helps to reduce the impact of adverse external factors on certain sectors of the national economy, ensures increased labor productivity and the transition to intensive management methods.

The priority tasks include effective steps to maintain the level of macroeconomic indicators, low inflation, a stable exchange rate of the Turkmen manat and increase non-cash payments, he added.

Turkmenistan has set a course for gradual transition to market economy, which was reflected in the Constitution.

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