Turkmenistan Approves Procedures for Leasing State Property

BUSINESS TURKMENISTAN
Turkmenistan Approves Procedures for Leasing State Property
The document determines the conditions for concluding and registering contracts, the obligations of lessors and tenants, and also covers many other issues.

During a regular video conference session of the Cabinet of Ministers of Turkmenistan on Friday, President Gurbanguly Berdimuhamedov signed the Decree “On Approving the Procedure for Transferring State Property for Lease”.

The document, which regulates the economic, legal and organizational foundations in this area, has been prepared in accordance with the Law of Turkmenistan “On Leases”.

It was noted that the adopted document will contribute to the further expansion of rental services market in Turkmenistan.

At the governmental meeting, the Head of State focused on the relevance of bringing the current regulations in line with the requirements of time in the context of the transition to market relations and the development of private businesses.

The document determines the conditions for concluding and registering contracts, the obligations of lessors and tenants, and also covers many other issues.

In accordance with the Law of Turkmenistan “On Lease”, if the state property is not used for its intended purpose (preserved), but due to its technical condition it is suitable for operation, and if renting such property does not harm production, the property can be temporarily leased.