Turkmenistan: Economy, Finance Ministries Merged to Save Money
Turkmenistan has merged two key ministries in the latest of a series of cost-cutting measures undertaken to lift the economy out of the doldrums.
While declining to publicly acknowledge that it has a problem, Turkmenistan evidently continues to suffer from cashflow problems.
On October 6, state media reported that President Gurbanguly Berdymukhamedov reversed a decision he took nine years by creating a single entity out of the Economy and Development Ministry and the Finance Ministry. When Berdymukhamedov created the two ministries in 2008, he argued that it would allow for a “new approach to creating a financial and economic strategy.”
Turkmenistan has never, however, developed much of an economic strategy beyond relying heavily on its natural gas exports, which generate far less revenue now than they did in 2008.
The new ministry will be headed by Batyr Bazarov, who formerly headed the Economy and Development Ministry.
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