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33

Impressive economic growth this year in Turkmenistan IMF predicted

The Turkmenistan economy is projected to grow impressively in 2010 and the fiscal balance is expected to remain in surplus, ITAR TASS reported referring to the IMF's statement for press on the conclusion of the annual review of Turkmenistan's economy.

 

The Turkmenistan economy is projected to grow impressively in 2010 and the fiscal balance is expected to remain in surplus, ITAR TASS reported referring to the IMF's statement for press on the conclusion of the annual review of Turkmenistan's economy. According to the statement, a team from the International Monetary Fund (IMF) led by Mrs. Veronica Bacalu visited Ashgabat on June 16−29, 2010. During the visit, the IMF team held discussions with the Turkmen authorities on recent economic developments, exchanged views on near and medium-term outlook, and took stock of the ongoing reforms. At the conclusion of the mission, Mrs. Bacalu said that "the economy of Turkmenistan performed strongly in 2009, notwithstanding the challenging global environment."


"The successful reforms of the past two years in monetary, foreign exchange, and fiscal areas facilitated the strong performance. Real GDP growth was solid, supported by government investment policy and record-high foreign direct investment. Improved access to foreign exchange and the stability of the exchange rate have helped build trust in the national currency and the banking system. Inflation has been maintained at a low level," the head of the IMF mission said. According to her, as global demand recovers and Ashgabat's gas export volumes increase through the existing and new pipelines, "the Turkmen economy is projected to grow impressively in 2010." Bacalu predicted that the fiscal balance is expected to remain in surplus.


As she noted, "continuation of macroeconomic reforms will be important for further diversification and strengthening of the economy for the benefit of the Turkmen people." The IMF supports the authorities of Turkmenistan in their efforts to "improve the macroeconomic management, reform the financial sector, and expand private sector activity to achieve long-run sustainable growth," Bacalu said. Western oil companies have recently been showing increased interest Turkmenistan subsoil deposits.  

Source : Turkmenistan.ru