Turkmenistan to Develop Economic Support Program During Global Pandemic

BUSINESS TURKMENISTAN
Turkmenistan to Develop Economic Support Program During Global Pandemic
The Program will provide for capital investments for the development of various sectors of the economy and support for exports.

President of Turkmenistan Gurbanguly Berdimuhamedov held a session of the Cabinet of Ministers in a video conference format on Friday.

At the beginning of the governmental meeting, Deputy Chairman of the Cabinet of Ministers Gadyrgeldi Mushshikov reported on the macroeconomic indicators of the country. During January-May period of this year, the GDP growth rate amounted to 6.2 % and production increased by 4.7 %, compared to the same period in 2019, according to the Deputy Prime Minister.

At the same time, the Chairman of the Central Bank Merdan Annadurdiyev reported on the work carried out by credit institutions and on measures taken to improve their activities and expand their range of services.

Following the reports, President Berdimuhamedov said due to unfavorable factors in the global economy, Turkmenistan’s economic indicators are also declining. In this regard, Turkmen Leader instructed to start developing the Program for 2020-2021. The Program’s main tasks should be a dynamic recovery and achievement of pre-crisis macroeconomic indicators, the Head of State noted.

The Program should provide for capital investments for the development of various sectors of the economy and support for exports, the Turkmen Leader said.

President Berdimuhamedov noted acceleration of the process of privatization of enterprises and state property objects, and their transformation into joint-stock companies as the priority tasks. Having demanded to keep constant watch on issues related to delay in the payment of salaries, the Head of State instructed to analyze the causes of such situations and take concrete measures to quickly solve this issue.

During the governmental session, the Deputy Chairman of the Cabinet of Ministers Chary Gylyjov also briefed the Head of State on the results of work in the trade and textile complex, and business sector, which are under his supervision.

After the briefing, President Gurbanguly Berdimuhamedov instructed to further increase the production of consumer goods and gave specific instructions to the Deputy Prime Minister in this regard.

The Head of State instructed to stimulate business activities in the country. In this regard, the President ordered to develop further measures for state support of the economy’s private sector and submit relevant proposals.

Financial and technical support should be provided to small and medium-sized enterprises, particularly to enterprises specializing in tourism, the Head of State said. At the same time, Turkmen President instructed to intensify the work of private agricultural companies engaged in the production of agricultural products and the construction of cold storage facilities for fruit and vegetable products.