Galina Romanova: “Turkmenistan successfully implements the basic areas of socio-economic development”

Galina Romanova: “Turkmenistan successfully implements the basic areas of socio-economic development”

In 2020, which passes on the initiative of President Gurbanguly Berdimuhamedov under the motto “Turkmenistan: the Homeland of Neutrality”, the country will continue to carry out large-scale investment projects and programs aimed at improving the wellbeing of citizens and stable economic growth, Galina Romanova, head of the state finances summing and economic policy department of the Ministry of Finance and Economy of Turkmenistan, said.

– The main objective in the current socio-economic development period is the reorientation of the economy of our state to the industrial and innovative direction. This includes the transition to market management mechanisms, effective partnership between the state and the private sector, building the highly efficient economic system that provides social guarantees to all segments of the population and gears economic entities towards high final outcomes.

As is known, Turkmenistan maintained high rates of economic growth in 2019, and successfully implemented the main areas of socio-economic development and investment programmes.

– Investments are the key instrument of economic diversification, which contributes to increasing the competitiveness of products in the manufacturing sector, introducing innovation and information technologies.

According to the expert, in order to maintain sustainable economic growth, enhance innovative opportunities to accelerate the transition to market infrastructure and achieve the SDGs in a short time, the country is successfully implementing a medium-term programme for the country’s socio-economic development for 2019-2025.

The mainstream state policy of Turkmenistan is determined to ensure a prosperous life of the population, protection of the rights and interests of citizens.

– In view of this, strategic and economic objectives are focused on further improving the production efficiency, introducing advanced technologies to support development of key sectors of the economy, and targeted and efficient use of investments, including the creation of new industries and jobs.

Today, Turkmenistan’s partners in economic cooperation are such international organizations as the UN, IMF, World Bank and many other agecies.

– Every year we expand cooperation, including in such urgent areas as achieving the SDGs, creating effective mechanisms for regional and global energy security, creating a sustainable transport system, promoting economic, humanitarian and environmental projects, Galina Romanova told.

One of the key areas of joint activity of Turkmenistan with the UN structures is active cooperation on the SDGs implementation.

In 2019 was the year of our successful presidency of the UN Special Programme for the Economies of Central Asia SPECA. The economic forum resulted in the approval of the Ashgabat initiative, including the consideration of the possibility of establishing a SPECA trust fund.

– One of the significant events of 2020 should be the holding of an international seminar on financing, as part of which models and forms of funding various programmes in the fields of economy, ecology and other areas of activity are to be discussed.

Consultations are held annually, during which the current economic situation is discussed, and prospects for the medium-term development of the country also considered.

– Today, Turkmenistan successfully cooperates with the World Bank Group, where agreements for paid institutional services have been successfully fulfilled for several years as part of the partnership strategy between the World Bank Group group and Turkmenistan.

The basic areas of this partnership include the preparation of the first national risk assessment, development of the financial sectors of Turkmenistan, including the improvement of the banking system.

– An important area of ​​our cooperation with the World Bank this year will be conducting business research, which can have a positive impact on development of the private sector, Galina Romanova said.

Turkmenistan and international organizations have a mutual interest and desire to develop cooperation. Finding mutually acceptable solutions aimed at enhancing fruitful partnership laid the basis for effective joint activities of Turkmenistan with its partners.