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Sunday, March 26, 2017

IMF: Turkmenistan faces external economic challenges

After an International Monetary Fund delegation's recent visit to Turkmenistan, the team, led by Björn Rother, issued a statement on Friday regarding economic growth in the country and the challenges it faces going forward.

Turkmenistan has reported growth in the period between 2009 and 2014, with 10.3 percent gross domestic product growth in 2014.

The IMF has warned against adverse external conditions in the near term and what should be done to alleviate setbacks. Among these risks are a potential for even lower oil and gas prices, lower levels of natural gas exports and possible further slumping in Russia's economy.

“Turkmenistan’s authorities are aware of recent adverse developments and risks," Rother said. "With large international reserves, Turkmenistan seems to be in a stronger position than many of its neighbors to cope with the challenges, such as uncertainty about energy prices. If needed, the country can use some of these financial reserves to support its budget expenditure and imports."

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International Monetary Fund 700 19th Street, N.W., Washington, D.C., 20431

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