Turkmenistan will simplify the mechanism of privatization of state property

Turkmenistan will simplify the mechanism of privatization of state property

President Berdimuhamedov instructed the government to review the procedure for privatizing state-owned facilities at a Cabinet meeting held last Friday, TDH reported.

From the official information it follows that if state-owned enterprises do not demonstrate adequate efficiency, it is necessary either to completely modernize the process of their management, or to transfer them to private hands, where they will bring more benefit. The sales mechanism, in turn, should become simpler and faster.

Berdimuhamedov instructed the chairman of the Turkmen parliament, Gulshat Mammedova, to improve the Law of Turkmenistan “On privatization”. Legal support will accelerate socio-economic reforms in the country, the Turkmen leader expressed confidence.

Deputy Prime Minister Gadyrgeldy Mushshikov, in charge of the economy and finance, was instructed by the head of state to prepare a strategy for the management and transformation of state-owned enterprises in 2020-2025 within a month. Thus, the privatization of domestic enterprises will acquire a strategic character.

President Berdimuhamedov also instructed Deputy Prime Minister Shamuhammet Durdylyev, who oversees industry and construction, to develop proposals for the modernization or privatization of subordinate facilities. Perhaps they will become the first large enterprises to be given over to private hands after the privatization mechanism is updated.