Statement by IMF Deputy Managing Director Naoyuki Shinohara at the Conclusion of his Visit to Turkmenistan

Press Release No. 10/183
May 6, 2010

Mr. Naoyuki Shinohara, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Ashgabat at the conclusion of his visit to Turkmenistan:

“I am very pleased with my first visit to Turkmenistan and grateful to the people of Turkmenistan and the Government of Turkmenistan for their hospitality. My informative discussions with the Turkmen authorities focused on the success of recent financial reforms and Turkmenistan’s continued efforts to strengthen the economy and prosperity of the Turkmen people.

“In my discussions with the authorities, I praised the resilience and strong performance of the economy in a time of global uncertainty, reflecting the country’s strong external position and the investment policy of the government. As a result, the Turkmen economy is projected to grow impressively in 2010 and the fiscal balance is expected to remain in surplus.

“The discussions also focused on the ongoing reforms and medium-term priorities. While I commended the success of the recent exchange rate unification and currency redenomination, I underlined that the continuation of the reforms will be important. Furthermore, I welcomed the fact that development of the private sector is high on the authorities’ medium-term agenda aimed at maintaining sustainable growth of the non-hydrocarbon sector. In this context, I welcomed current social reforms, including improvements in education and healthcare, as well as the recent efforts by the authorities to support the development of small and medium enterprises.

“The IMF stands ready to support Turkmenistan in its efforts to improve the management of public finances, expand private sector activity, and reform the financial sector to achieve long-run sustainable growth.”



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