The head of Vnesheconombank named the volume of Turkmenistan’s external debt. It does not match the declared GDP of the country

In recent years, about $ 15 billion of foreign investments have been attracted to the economy of Turkmenistan, said Rakhimberdy Dzhepbarov , Chairman of the State Bank for Foreign Economic Affairs .

52% of foreign investments are directed to the development of the oil and gas sector of Turkmenistan, 18% - the chemical industry, 10% - transport and communication infrastructure, 11% - agriculture and 9% - energy.

The main part of all foreign investments - 47.4% - falls on Japan, 19% - Korea, 11% - Saudi Arabia, 6.3% - Germany, 5% - the United States, and the remaining 11.3% - from investments attracted from other states.

Dzhepbarov also noted that today the size of Turkmenistan's external financial obligations is 11% of GDP . According to him, this corresponds to the normal ratio in international practice.

On March 11, President Gurbanguly Berdimuhamedov held a working meeting on the country's return of foreign loans and stated the importance of their timely repayment.

According to a chart published at the meeting, in 2021, Turkmenistan's external debt is $ 1.35 billion . It is planned to reduce it to $ 1.11 billion by 2022, to $ 1.1 billion by 2023, and to $ 0.86 billion by 2024.

Based on the fact that at the moment the external debt is $ 1.35 billion and it is equal to 11% of GDP, it can be calculated that the country's nominal GDP is only $ 12.3 billion , that is, almost four times less than previously stated.

In previous years, the IMF and the World Bank published economic data on Turkmenistan, according to which GDP was equal to $ 45 billion (in 2019). The experts received these data from the authorities of the country. Since 2021, both organizations have stopped publishing the information they receive, due to doubts about its reliability.

Source: Chronicles of Turkmenistan