While defining the priorities for the next year, Turkmen President Gurbanguly Berdimuhamedov stressed that despite all the difficulties, the country must also dynamically develop in 2018, Neutral Turkmenistan newspaper reported.
"The state budget adopted for 2018, as well as the Stabilization Fund with sufficient funds will facilitate the successful implementation of social and economic programs," the president said.
Roads, houses, schools and other facilities will be also constructed next year. The energy sector, oil and gas industry, as well as entrepreneurship will be also developed. Joint ventures are expected to be set up.
In this regard, the president stressed the need to reduce the country's share in the economy and expand the private sector.
Earlier, the Turkmen government said that the Stabilization Fund has a positive impact on the economic situation and stability in Turkmenistan.
According to the IMF experts’ report as of November 2015, big funds, accumulated in the Reserve Fund and the Stabilization Fund, will allow Turkmenistan to adapt to current challenges and help maintain higher growth rates of the gross domestic product ( GDP) than in other countries of the region.
Turkmenistan’s Strategic Planning and Economical Development Institute stressed that the Stabilization Fund serves as a mechanism for minimizing external crisis phenomena and must contribute to the stability of the country's national growth. This financial mechanism was created in late 2008.
According to BP, Turkmenistan ranks fourth in the world in terms of natural gas reserves and sells gas through pipelines to China and Iran. Turkmenistan aims at diversifying its fuel economy.
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