Turkmenistan: The ongoing development of agricultural industry

29.05.2013

The President of Turkmenistan Gurbanguly Berdimuhamedov has instructed the government of the country to ensure the timely preparation of the draft state budget for 2014, according to the country's media.

"Speaking about the importance of continuing the work focused on improvement of the country's financial and economic institutions as well as banking sector, the President of Turkmenistan made a number of specific instructions in this regard," a statement says.

The order and timing of reports and information that must be provided by the ministries, branch departments and khakimliks (local authorities) for compiling the state budget for next year are being determined at the current stage. Preparation of manuals for professionals is underway, the statement said.

According to the report, the revenue of the state budget of Turkmenistan will be formed at the expense of industries such as oil and gas, chemical, power generation, construction. The ongoing development of agricultural industry, transport, communication, textile and food industries is also considered.

It is expected that revenues will continue to grow through further development and support of private businesses. Majlis (Parliament) of Turkmenistan approved the state budget for 2013 with the revenue part of 86,335.8 million manat and expenditures to the sum of 89735.8 million manat. In recent years, the official rate of the manat to one dollar remains at 2.85 Turkmen manat.

In January-April 2013, Turkmenistan's state budget exceeded its goals by 115.7 percent and expenditures by 95.5 percent. The plan for this reporting period is to pay all types of taxes to the state budget was met in full. Currently, some 1,800 properties are being built the country with a total value of over $ 40 billion.

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