President of Turkmenistan Gurbanguly Berdimuhamedov has approved new procedure for allocating investments from the funds of the Stabilization Fund of Turkmenistan, Trend reports referring to Turkmenportal.
According to the information, Deputy Prime Minister Serdar Berdimuhamedov, who submitted the draft document for consideration, said that the provisions on the directions for the allocation of loans have been expanded in the new version of the document and their conditions have been improved.
Also, in accordance with the legislation of Turkmenistan, the maximum amount of loan funds allocated to the borrower within one project has been determined.
In addition, in accordance with the state investment policy implemented in Turkmenistan, it is envisaged to allocate funds from the Stabilization Fund as loans to finance investment projects to create new industries and trade agreements of government agencies and the non-state sector.
The Stabilization Fund of Turkmenistan was established in 2008 in order to avoid the negative impact on the national economy of the global economic and financial crisis and reduce its dependence on the fuel and energy complex.
It was noted that at present, the volume of the Stabilization Fund amounts to 13 percent of GDP.
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