ASHGABAT: The mission of the International Monetary Fund (IMF) led by Ms. Anna Bordon visited the capital of Turkmenistan, Ashgabat city, from March 27 through April 9, 2024, to assess economic indicators, Trend reports.

According to the IMF, the mission was in the country to analyze macroeconomic and financial developments, economic prospects and risks, and policy actions to promote diverse, inclusive, and sustainable growth.

The IMF delegates spoke with senior government officials, private and financial sector representatives, as well as members of the diplomatic community.

The mission observes that Turkmenistan’s economy stalled in 2023 after recovering from the epidemic the previous year, and that the next economic challenge is to translate hydrocarbon wealth into more diverse, sustainable, and equitable growth.

“To achieve this growth transition, a market-based diversification strategy, monetary and exchange rate changes, higher public spending efficiency, and enhanced governance and transparency wou
ld be required,” the IMF notes.

Staff will draft a report based on the mission’s preliminary findings, which, subject to management approval, will be presented to the IMF’s Executive Board for debate and decision.

Meanwhile, the IMF is an intergovernmental organization formed in 1944 with the goal of fostering global financial stability, international trade cooperation, economic growth, and long-term development in member countries.

The organization offers financial help and economic guidance to countries in financial difficulty, as well as monitoring the global economy and providing professional assistance in economic management and financial policy.

Source: Trend News Agency