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Turkmenistan, WB eye partnership strategy

31 August 2015 13:13 (UTC+04:00)
Turkmenistan, WB eye partnership strategy

The issues of interaction and preparation of a new strategy of partnership between Turkmenistan and the World Bank (WB) have been discussed in the foreign ministry of Turkmenistan during the meeting with the World Bank Regional Director for Central Asia Saroj Kumar Jha, who arrived with a working visit to Ashgabat.

A constructive dialogue on the global agenda and the rational use of water resources in the region was held during the meeting, the Turkmen government reported. The ecology, protection of environment, rational use of natural resources was named as priority areas of cooperation.

Saroj Kumar Jha mentioned the importance of capacity building for regional cooperation and said that the World Bank Group (WB Group) is ready to provide full support to the initiatives of Turkmenistan in this direction.

Turkmenistan joined the WB Group in September 1992. The government of Turkmenistan and the World Bank Group signed an agreement in November 2014 to open this influential financial organization’s permanent mission in this country.

Turkmenistan is the first Central Asian country to sign such an agreement with the WB Group, which includes the International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).

Previously, the WB said it supports the reforms in Turkmenistan through an interim strategy for the period until 2015, which does not envisage borrowing. WB employees assist Turkmenistan in implementing long-term national program for the socio-economic development by rendering advisory and analytical services.

The WB’s interim strategy for cooperation consists of two components. The first component focuses on the activities in the spheres proposed by the government of Turkmenistan, such as the macroeconomic statistics, development of financial and private sectors.

The second component includes a set of strategic analytical researches conducted by the WB in the spheres of diversification of economy, investment climate, privatization, as well as the issues related to Turkmenistan’s accession to the World Trade Organization (WTO).

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