Turkmenistan adopts draft Budget Code
Ashgabat, Turkmenistan, March 3
By Huseyn Hasanov- Trend:
Majlis (parliament) of Turkmenistan of the fifth convocation unanimously adopted the country's draft Budget Code at its meeting, a message from the parliament of Turkmenistan said on March 3.
"The new document sets out the general principles of organization and functioning of the budgetary system, forms the basis for the budget process and inter-budgetary relationships, as well as the legal status of parties to the budgetary legal relationship," according to the Turkmen parliament.
The draft law worked out taking into account international best practices in this area and in accordance with international standards will allow formation of a single mechanism of the budget system, as well as to provide effective government policy in this field.
The revenues amount to 94.129.1 billion manat, while the budget expenditure amounts to 97.829.1 billion manat in the state budget of Turkmenistan approved by the Majlis (parliament) for 2014. The official exchange rate of the manat to one dollar remains at 2.85 Turkmen manat.
Revenues of the state budget are formed by the spheres such as oil and gas, chemical sphere, electricity and construction. The budget also envisages the progressive development of the agro-industrial sphere, transport, communications, textile and the food industry.
It is expected that the revenues of the state budget will also increase thanks to the further development of activities of non-state enterprises.
Turkmenistan holds a key position in the region for the supply of natural gas. The importers of Turkmen natural gas are Russia, China and Iran.
Translated by L.Z.
Edited by C.N.