WB, Turkmenistan sign First Reimbursable Advisory Services Agreement
Turkmenistan, Ashgabat, October 3/ Trend, H. Hasanov /
The World Bank Group and Turkmenistan have signed the First Reimbursable Advisory Services Agreement, a message from the international financial organisation said on Thursday.
From the Turkmen side the document was signed by the representative of the country's Ministry of Finance which is an integral part of the World Bank's Interim Strategy for Turkmenistan.
It is expected that the events within the agreement will be financed by the Turkmen government and will focus on areas such as macroeconomic statistics, the development of financial and private sectors.
'"The World Bank Group will completely implement the arrangement, management and control over the implementation of the programme in accordance with best international practice', the message said.
The Reimbursable Advisory Services Agreement is one of the two key components of the interim strategy for the 2014-2015 financial years which doesn't envisage loans.
The new interim strategy of the WB also reflects a set of strategic analytical researches which will be carried out in the sphere of diversification of the economy, investment climate and privatisation and on those issues related to the accession to the World Trade Organization (WTO).
Turkmenistan joined the World Bank Group in September 1992 and the bank opened its Liaison Office in Ashgabat in 1996.
Turkmenistan is in a transitional stage of development. There emerged an article in the country's Constitution about the transition to a market economy in recent years. The Caspian country is rich in natural gas and export volumes of cotton and grain which are harvested there. The diversification of economy is actively being carried out in the current stage; especially with the textile industry and the oil and gas processing spheres were also improved.
Turkmenistan carried out several reforms in its monetary policy such as the national currency denomination and the unification of exchange rates. Moreover, a transition to international accounting standards is planned.