Turkmenistan to reduce state budget expenditures
BAKU, Azerbaijan, May 11
By Jeila Aliyeva - Trend:
Turkmenistan will reduce spending of the state budget due to the current coronavirus-related situation in the world, the country's president Gurbanguly Berdimuhamedov said, Trend reports with reference to Turkmenportal Information Portal.
Berdimuhamedov made the remarks at a meeting of the Cabinet of Ministers dedicated to the results of the country's development from January through April. The country maintained high GDP growth rates. The president stressed that the economic situation in the world remains difficult.
Domestic production is expected to decline in Turkmenistan. The situation may be worse than the financial crisis from 2008 through 2009, as well as the fall in oil prices from 2014 through 2015.
The president also noted that according to the forecasts of the Asian Development Bank, the situation in Central and Western Asia will begin to improve in 2021 with a sharp decline in the level of GDP.
The main task of the government is to make up for emerging economic losses and create reserve funds to ensure macroeconomic stability, he said.
The president of Turkmenistan indicated that all vice-premiers should prepare proposals to reduce state budget expenditures, as well as review all construction programs, except those of social significance.
Berdimuhamedov noted that it is necessary to strengthen efforts to increase export volumes, control prices for food products, and ensure an abundance of products in markets and stores.
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