Turkmenistan Approves 2023 State Budget

Turkmenistan Approves 2023 State Budget
Revenues and expenditures of the first grade of the State Budget amount to 29.1 billion manats.

Turkmenistan approved the state budget for 2023 on revenues and expenditures amounting to more than 95.1 billion manats. This is by 11.1 percent higher than the budget for 2022.

Guvanchmyrat Agaev, the Chairman of the Committee on Economy, Finance and Social Policy of Halk Maslakhaty chamber of Turkmen bicameral Milli Gengesh, in an article published in the official press on Tuesday, the draft law "On the State Budget of Turkmenistan for 2023" was finalized with participation of representatives of relevant ministries and departmental departments on the main financial document, relevant proposals and comments were considered.

The President of Turkmenistan Serdar Berdimuhamedov signed the law approving the State Budget on December 5, 2022.

Revenues and expenditures of the first grade of the State Budget amount to 29.1 billion manats, and about 75 percent of expenses are planned to finance the social sphere. Out of funds for social and public services, 39 percent of funds will be directed to education, 14.1 percent to healthcare, 2.6 percent to culture, 34.7 percent to state social security system, and 9.6 percent to housing and communal services.

Revenues and expenditures of the second grade of the state budget are planned to amount to 65.9 billion manats, which is by 10.3 percent higher than the approved plan for 2022.

According to the article, 66.5 percent of total investments will be directed to production facilities and 33.5 percent to construction of social and cultural buildings and facilities. These funds will be used to build houses, hospitals, clinics and medical facilities, preschool institutions, general education schools, cultural buildings, water supply and sewage systems, power lines and roads.

Turkmenistan also aims to further stimulate small and medium-sized businesses in the country, increasing the share of the non-state sector in GDP to 71.3 percent in 2023. Turkmenistan's GDP growth rate is expected to reach 6.5 percent in 2023.