Press Release No. 09/164

Press Release: Statement at the Conclusion of the 2009 Article IV Mission to Turkmenistan

May 12, 2009

A team from the International Monetary Fund (IMF) led by Ms. Valeria Fichera has conducted the annual Article IV consultation with the Government of Turkmenistan during April 30-May 11. During the visit the IMF team organized two seminars, in cooperation with the Central Bank of Turkmenistan, to discuss the impact of the crisis in the region, and possible options for future financial sector reforms.

At the conclusion of the mission, Ms. Fichera issued the following statement:

“Recent financial reforms and prudent macroeconomic policies have helped shield Turkmenistan from the impact of the global economic crisis. We welcome the significant progress Turkmenistan has made over the past 12 months in economic reforms, particularly the efficient management of the new foreign exchange arrangement. This follows last year’s exchange rates unification, the successful introduction of the redenominated national currency at the beginning of 2009, measures to strengthen the banking system, and the establishment of the Stabilization Fund. These well-prepared reforms represent key steps on Turkmenistan’s path of continued economic and financial development and fruitful integration into the international economy.

“The mission indicated its support for Turkmenistan’s reform agenda and welcomed the authorities’ plans for further reforms in the financial sector as well as for private sector development. It also stressed the IMF’s readiness to continue the close cooperation in the areas of IMF expertise.”