Turkmen Economy Strong Due to Increases in Hydrocarbon Production: International Monetary Fund
An International Monetary Fund (IMF) mission led by Veronica Bacalu visited Ashgabat from May 29 to June 11, 2013 to conduct discussions for the 2013 Article IV consultation. The IMF team met with senior central bank and government officials, and representatives of commercial banks and international institutions. At the conclusion of the mission, Mrs. Bacalu issued a statement saying, in particular:
“Recent economic performance has remained strong as a result of continued high levels of public spending and increases in hydrocarbon production. In 2012, the country recorded a second straight year of double-digit real GDP growth at around 11 percent, and non-hydrocarbon growth was nearly 12 percent. The external current account was broadly in balance (down from a surplus of 2 percent of GDP in 2011) as growth in imports (of investment goods in particular) outpaced the growth in exports.
Inflation increased to 7.8 percent year-on-year at end-2012 (from 5.6 percent at end-2011) reflecting welcome administrative price increases for some food and transportation services in the second half of 2012 aimed at achieving cost recovery. The price increases were appropriately accompanied by higher targeted social benefits.
In 2013–14, real GDP growth and the external position are projected to remain strong and inflation is expected to decline. A sharp decline in global hydrocarbon prices is the key risk to the outlook, though the increased geographical diversification of Turkmenistan’s gas export markets and high external buffers are mitigating factors.”
Turkmenistan to Buy Mineral Fertilizers from UAE and Russia
The State concern Turkmenkhimia (Turkmen chemistry) will sign contracts with Caspian Petrochemical FZE (UAE) and ChimVostok (Russia) for the purchase of mineral fertilizers and their delivery to Turkmenistan.
Turkish Construction Materials Exhibition Held in Ashgabat
Ashgabat hosted an exhibition of construction materials produced by more than 100 companies from different regions of Turkey. Turkmenistan’s Chamber of Commerce and the Turkish exhibition company Meridyen organized the event.
Turkish Company to Build Railway Bridges in Turkmenistan
For the implementation of the large regional project North-South, Turkmenistan’s Ministry of Railway Transport will sign a contract with the Turkish company NataInşaat Turizm Taşimacilik Ticaretve Sanayi Anonim Şirketifor for the construction of 13 railway bridges on the Gyzylgai – Bereket – Etrek railroad. The construction is to begin in June of 2013 and to be completed in August of 2014.