The procedure for the allocation and the maximum amount of loans for construction from the Stabilization Fund has been approved

At a cabinet meeting on October 22, Deputy Prime Minister of Turkmenistan for Economic, Banking and International Financial Organizations Serdar Berdimuhamedov presented a draft of a new version of the Procedure for allocating investments from the Stabilization Fund.

According to the state information agency TDH , taking into account the current and future work on the construction of industrial and social facilities, the funds of the Stabilization Fund will be transferred to the deposit accounts of credit institutions, which will then be used to allocate short-medium and long-term loans in order to finance "investment projects to create new productions and trade agreements between government agencies and the non-government sector ”.

The publication notes that in accordance with the Budget Code , the document expanded the provisions on the directions for the allocation of loans and improved its conditions, as well as, in accordance with the legislation of Turkmenistan, the maximum amount of credit allocated to the borrower within the framework of one project was determined . Its size is not indicated, the text of the document has not been published.

The document was adopted to improve the social and household standard of living of the population, improve the financial support of economic sectors, timely finance new industries, investment projects and trade contracts, as well as ensure the socio-economic development of the country, the state information agency TDH reports .

President Gurbanguly Berdimuhamedov recalled that the Stabilization Fund was created in 2008 to ensure the effective use of the surplus of the Centralized Budget and increase the level of well-being of the people.

“The use of the funds from this financial reserve, as envisaged, favorably affects the maintenance of monetary policy, the implementation of projects financed under national and state programs aimed at improving the social and living conditions of the population, technical and technological modernization of the country”, - said the head of state and instructed his son "to keep under control the targeted spending of the Stabilization Fund."

Source: Chronicles of Turkmenistan