(MENAFN- Trend News Agency ) Ashgabat, Turkmenistan, Nov. 11
By Huseyn Hasanov – Trend:
The results of mission of the International Monetary Fund (IMF) were discussed at a meeting of Turkmenistan's Cabinet of Ministers on Nov. 10, the Turkmen Dovlet Habarlary state news agency reported.
An International Monetary Fund (IMF) mission led by Martin Sommer visited Ashgabat on November 1-8 to assess macroeconomic and financial developments and discuss economic challenges and policy priorities with senior government officials, representatives of real and financial sectors, academia, and the diplomatic community.
'The Turkmen economy continues to adjust to the new reality of lower oil and natural gas prices. Officially-reported growth has remained broadly stable, boosted by rising natural gas exports, import substitution, and expansionary credit policies. The planned launch of gas processing facilities will support economic activity going forward,' said Martin Sommer in a statement issued following the Ashgabat visit.
'The authorities have taken a number of measures to facilitate macroeconomic adjustment, most recently through a gradual reduction in public investment and utility price reform,' says the statement. 'Desirable policies include further gradual but significant cuts in public investment expenditures, combined with measures to adjust the exchange rate level, while easing foreign exchange regulations.'
'To foster further private sector development, reforms should focus on significantly simplifying administrative procedures and onerous regulations, accelerating SOE reforms and privatization, and prioritizing accumulation of human—rather than physical—capital,' says the statement. 'The simplified framework for the free economic zones holds the promise of attracting new private investments, including from abroad, and any positive lessons should be applied across Turkmenistan more broadly.'
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