IMF, Turkmenistan review indicators for country's state budget

IMF, Turkmenistan review indicators for country's state budget

BAKU, Azerbaijan, September 19

By Jeila Aliyeva - Trend:

The International Monetary Fund analyzed Turkmenistan's data for the first half of 2020, as well as indicators for the implementation of the State Budget for this year and the draft budget for 2021, Trend reports with reference to Turkmenistan’s State News Agency.

The analysis was conducted during consultations between Natalia Tamirisa, International Monetary Fund (IMF) Mission Chief for Turkmenistan, and the leadership of the Central Bank of Turkmenistan, the Ministry of Finance and economy, and the State Statistics Committee, Trend reports, citing the state news Agency Turkmenistan today.

According to the Turkmen side, when developing the state Budget for the next year, external risks are also taken into account, as well as preference is given to social programs, sustainable development, and improving the welfare of the population.

IMF's recommendations for the further economic growth of Turkmenistan coincide with the targets set for the country.

As earlier Natalia Tamirisa, International Monetary Fund (IMF) Mission Chief for Turkmenistan told Trend, The prudential framework should be strengthened to preserve financial stability and integrity in Turkmenistan.

She added that to improve Turkmenistan’s financial sector, the authorities should be encouraged to prepare specific action plans to align prudential measures with Basel standards.

“Without such plans, continued regulatory forbearance would be detrimental to the health of the banking sector,” she added.

Tamirisa noted that based on the assessment of the soundness of the banking sector, a plan needs to be made for closing non-systemic insolvent state-owned banks and privatizing or recapitalizing other state-owned banks while improving bank corporate governance.

Continued upgrading of the skills of bank regulators and supervisors is of paramount importance in the context of prudential reforms, she noted.

Also, Tamirisa said how Turkmenistan might attract more foreign investments in its financial sector.

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