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Turkmen parliament adopts 2016- state budget

23 November 2015 18:24 (UTC+04:00)
Turkmen parliament adopts 2016- state budget

By Vusala Abbasova

The Turkmen parliament has finally adopted the law on state budget for 2016 aimed primarily at maintaining the stable growth of the national economy, implementation of major investment projects, widespread introduction of innovative technologies, latest achievements in science and technology in all spheres and providing high efficiency of public spending.

The state budget’s revenues in 2016 will amount to 102.479 billion Turkmen manats, while expenses will be at 104.879 billion manats, the government reported.

The profitable part of the Turkmen state budget will be formed through such sectors as oil and gas, chemical industry, power engineering and construction.

The further development of agro-industrial complex, transport and communication, textile and food industries will be also stipulated by the plan.

The government expects to see revenue growth through the increase in the active efficiency of enterprises of the non-government sector of the economy.

Solid investments are provided for the implementation of large-scale national projects and programs, including developing the national tourist zone “Avaza”, implementation of the urban development program in the capital and the provinces (regions) of the country, construction of important social and cultural objects of industrial, as well as transport and communications infrastructure.

Turkmenistan’s state budget-2015 was approved by the Parliament, with revenues in the amount of 102.801 billion manat ($29.371 billion) and expenditures -- 106.201 billion manat ($30.343 billion).

Turkmenistan holds one of the key positions in the region on natural gas supplies, mainly, to Russia, China and Iran.

Currently, the revenue part in the Turkmen state budget is mainly formed due to such sectors of the industry as oil and gas, chemical, power engineering and construction.

The official rate of the Turkmen manat to one US dollar since January 2015 remains at 3.5 Turkmen manats.

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