President Berdymukhammedov refers to the stabilization fund in Turkmenistan

As president Berdymukhammedov, reviewing government performance, stated at the Cabinet session held last Friday, experts are forecasting an unstable situation in the global economy next year.

For this reason, at the extended session of the Cabinet of Ministers scheduled to be held in January, executives of ministries and agencies will report on the progress made in industries to increase exports of Turkmen merchandise, expand the manufacture of import-substituting products, diversify the industrial development of the country and develop the domestic electronics industry.

At the extended year-end session drafts of the documents designed to continue reforms in agricultural and oil and gas sectors will be reviewed and preparations for the V Asian Games will be discussed.

Setting the goal to achieve a high pace of the country's development, which will be no lower than this year's indicators, the head of state highlighted sustainability and the real feasibility of revenues and spending of the state budget for 2017.

Apart from this, we have the necessary volume of state funds as well as the Stabilization fund. President Gurbanguly Berdymukhammedov said that, as before, we can count on the implementation of all social programs, continue large-scale construction of roads, residential houses, school and other community infrastructure facilities, further develop energy, oil and gas and manufacturing sectors and entrepreneurship.

Let us recall that the stabilization fund was established in 2008. As President Berdymukhammedov had stated at that time, the stabilization fund would allow reduction of the country's dependency on fuel and energy complex and decrease negative effects of external factors.

The remaining surplus funds of the state budget were supposed to serve as the basis of the fund.

� Part of the stabilization fund assets, namely the so-called next generation funds, will be invested in high yield long term shares and enterprises with minimum risks. This will serve as the State's reserve fund designed for our children, � Gurbanguly Berdymukhammedov said.

The accumulated volume of funds is not known. In the past few years Turkmenistan saw deficit-ridden budgets, i.e the funds were not accumulated but spent.

Source: Chronicles of Turkmenistan