Turkmenistan Ministry of Finance received greater authority to privatize state property

Turkmenistan Ministry of Finance received greater authority to privatize state property

The Ministry of Finance and Economy of Turkmenistan got the opportunity to initiate the inclusion of certain facilities of the state property in the list of privatization. The necessary amendment to the legislation was published in the local press.

Expansion of the ministry’s powers to conduct privatization is an important step in the process of Turkmenistan’s transition to a market economy.

Now the ministry will be able to independently and more quickly substantiate the expediency of denationalization of enterprises, which economic indicators “promise” to increase after privatization. The proposal prepared by the institution will be considered by the Cabinet of Ministers which finalizes the lists.

The new amendment to the law also includes a clause according to which the purchase and sale agreement must specify in detail the procedure for transferring state property into ownership.

This means that the Ministry of Finance and Economy will be able to better control the future of facilities being sold. In this way the state protects the interests of ordinary employees of enterprises, legally securing the obligation of a new owner to preserve jobs and production profile.

Jennet OVEZOVA

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