Statement at the Conclusion of the IMF Staff Visit to Turkmenistan

Press Release No. 09/452
December 10, 2009

A mission from the International Monetary Fund (IMF) led by Ms. Veronica Bacalu visited Ashgabat during December 2−10, 2009. During the visit the mission met with the Turkmen authorities to discuss recent economic developments, the outlook for the next year, and cooperation between Turkmenistan and the IMF.

At the conclusion of the visit, Ms. Bacalu issued the following statement:

“Macroeconomic policies aimed at increasing the diversification of the economy and the continued progress with financial and fiscal reforms have increased the resilience of the Turkmen economy in the face of the global economic crisis. We welcome the continued progress in the management of the foreign exchange arrangement, the efficient handling of the redenomination of the manat, and measures to strengthen the banking system. Continued fiscal reforms have paved the way to improved management of public resources. Reforms to enhance social policies and promote rural development also bode well for the economy.

“The mission emphasized its support of Turkmenistan’s reform agenda and welcomed the authorities’ plans for broader reforms in private sector development. It also reiterated the IMF’s readiness to continue the close cooperation in the areas of IMF expertise.”



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