The President calls for reviewing the state budget because of coronavirus, which destabilized the global economy

On President Gurbanguly Berdymukhammedov held a long-distance extended session to summarize the results of the government’s performance over the first three months of 2020.

The state information agency TDH reports that Deputy Prime Minister overseeing the economy and finance Gadyrgeldy Mushshikov, Chairperson of the State Statistics Committee Silap Velbegov and Minister of Finance and Economy Ezazgeldy Annamukhamedov briefed the attendees on the economic accomplishments: GDP has increased by 6,3%, the  state budget revenue has been fulfilled by 104,8% whereas the expenditures – by 90,3%, whereas salaries, retirement benefits and allowances have increased by 10,1%.

In his turn, Berdymukhammedov, who is concerned about a volatile global economy, caused by the world coronavirus pandemic, charged Mushshikov with the task of monitoring economic indicators on a daily basis, reviewing the expected results of social and economic development and making relevant proposals pertaining to the revision of the 2020 state budget.

Moreover, the head of state called for identifying the additional sources of funding, attracting the investments into the economy and extending the loan program for small and medium size businesses, making a list of companies which need to be provided with deferred tax and loan payments.

Let us recall that a month ago Berdymukhmamedov ordered Deputy Prime Minister Mushshikov and Chairperson of Turkmenistan’s Central Bank to “design comprehensive measures committed to reducing the impact of global risks on the national economy” and work out efficient measures on supporting the business community, to “prepare the economic measures” together with foreign partners and to attract foreign investments.

Following this, according to independent media outlets, the Central Bank ordered financial institutions to stop making cash payments in US dollars to those who get their salaries paid in foreign currency effective 1 April, 2020. As a result, the dollar exchange rate at the black market has increased from 20 to 22 manats.

Later the same day Aleksandr Dadayev resigned as Chairperson of Turkmenistan’s Union of Industrialists and Entrepreneurs.

Source: Chronicles of Turkmenistan

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