Statement at the Conclusion of the 2010 Article IV Mission to TurkmenistanPress Release No. 10/268
June 29, 2010
A team from the International Monetary Fund (IMF) led by Mrs. Veronica Bacalu has conducted the annual Article IV consultation with the Government of Turkmenistan during June 16−29, 2010. During the visit, the IMF team held discussions with the Turkmen authorities on recent economic developments, exchanged views on near and medium-term outlook, and took stock of the ongoing reforms. In cooperation with the Central Bank of Turkmenistan, the team organized a seminar on the global and regional economic outlook.
At the conclusion of the mission, Mrs. Bacalu issued the following statement:
“The economy of Turkmenistan performed strongly in 2009, notwithstanding the challenging global environment. The successful reforms of the past two years in monetary, foreign exchange, and fiscal areas facilitated the strong performance. Real GDP growth was solid, supported by government investment policy and record-high foreign direct investment. Improved access to foreign exchange and the stability of the exchange rate have helped build trust in the national currency and the banking system. Inflation has been maintained at a low level.
“As global demand recovers and gas export volumes increase through the existing and new pipelines, the Turkmen economy is projected to grow impressively in 2010 and the fiscal balance is expected to remain in surplus.
“Continuation of macroeconomic reforms will be important for further diversification and strengthening of the economy for the benefit of the Turkmen people. In addition, we welcome 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 continue the close cooperation with Turkmenistan and supports the authorities in their efforts to improve the macroeconomic management, reform the financial sector, and expand private sector activity to achieve long-run sustainable growth.”