BAKU, Azerbaijan, April 6
By Jeila Aliyeva - Trend:
International Monetary Fund (IMF) projects Turkmenistan’s real GDP to grow to 4.6 in 2021 from 0.8 in 2020, Trend reports citing the April release of the World Economic Outlook report of the International Monetary Fund (IMF).
Meanwhile, the forecast shows Turkmenistan’s real GDP at the level of 3.9 in 2022.
According to IMF, Turkmenistan’s real GDP was 6.2 in 2018, and 6.3 in 2019.
IMF also shows Turkmenistan’s current account balance projections, which are also expected to grow to 0.8 in 2021.
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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