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  • 19 Mar, 2020

Priorities for the development of the financial and economic sphere were discussed at the meeting

President Gurbanguly Berdimuhamedov held a working meeting with the participation of Deputy Chairman of the Cabinet of Ministers G. Mushshikov, who oversees the economic bloc, and Chairman of the Central Bank M. Annadurdyev, during which practical steps aimed at successfully solving the problems of developing the financial and economic sphere were discussed.

Turning to the consideration of the main issues, the President heard a report by the Deputy Prime Minister G. Mushshikov. The Vice Prime Minister reported on the implementation of instructions to improve the activities of institutions of the subordinate complex. As reported, the latest methods and technologies are actively used in all structures.

At the proper level, work is underway to increase the production of import-substituting products and increase the country's export potential. Particular importance is attached to successfully solving the challenges of developing a digital economy.

A report was also made on the fulfillment of instructions of the head of state on the comprehensive training of qualified workers for the banking and financial sector, the introduction of modern achievements, techniques and methods used in this industry.

Having listened to the report, the head of state emphasized that the development of an economy on a scientific basis is an important requirement of the time. This will be of great importance in expanding production capacities and strengthening economic power, the President continued, addressing a number of instructions to improve the work carried out in this direction.

Then, the Chairman of the Central Bank M. Annadurdyev reported on the situation in the subordinate structures, practical steps taken to successfully complete the tasks outlined in the Program of socio-economic development of the country until 2025.

As it was reported, large-scale work is underway to financially ensure the stable growth of all sectors of the national economy, stimulate small and medium-sized enterprises, and to consistently improve banking through the introduction of best practices. The measures taken contribute to the timely implementation of large projects and the activation of the investment process.

Summarizing the report, the President drew attention to the urgent tasks facing banking institutions. Among the key vectors of work, the head of Turkmenistan called the expansion of cooperation with reputable financial international organizations.

Particular emphasis was placed on the importance of a responsible and comprehensive approach to the training of highly qualified specialists.

Speaking about the need to step up measures aimed at financing significant projects, President Gurbanguly Berdimuhamedov instructed to give a more productive character to relations established with foreign investors. In this context, the head of the Central Bank was given specific instructions.

Then, referring to the Deputy Prime Minister and Chairman of the Central Bank, the head of state noted that, based on in-depth analysis, comprehensive measures should be envisaged to reduce the impact of modern global risks on the national economy.

In continuation of the topic, the President instructed the Deputy Prime Minister to expand the sales markets of domestic products, to develop effective mechanisms to support business.

Together with international partners, the preparation of a set of measures in the economy of Turkmenistan should be intensified, the head of state ordered. Today, one of the priority issues is the full provision of the necessary goods to the domestic market, despite the crisis in the global economy, the head of state said.

Sustainable economic growth is formed as a result of a rapid increase in domestic production and an increase in the level of industrial self-sufficiency, said President Gurbanguly Berdimuhamedov.

In this context, the importance of establishing close contacts between large corporations and small and medium-sized enterprises was emphasized. At the same time, appropriate measures should be taken aimed at raising the awareness of employees of departments of the economic complex about the latest achievements in this field, primarily about advanced technologies.

Among the main tasks facing the country's banking institutions, the head of state identified the provision of support to ministries through the allocation of credit to address pressing issues. Here we are talking about accelerating the pace of construction of industrial sector facilities designed to produce export products, the President said.

The policy of transformations and, as a whole, the general line of cardinal changes, contribute to the full and comprehensive realization of the country's colossal potential. The development strategy of Turkmenistan is based on such key factors as a scientific approach, competent management and strategic planning, President Gurbanguly Berdimuhamedov emphasized.

In the conditions of a new stage in the development of market relations, the Turkmen leader continued, the strengthening of social protection of the population and the implementation of measures adequate to the challenges of today are the priority vector of state policy.

The necessary factors for the successful completion of tasks in this area are maintaining the dynamic pace of development of the national economic complex, investment activity, and the implementation of large-scale transformative programs, the head of state said. As economic reform deepens, a labor market forms, which serves as one of the key conditions for improving the social security of the country's population.

As the head of state noted, all banks in the country should provide advisory and methodological assistance to industries. And most importantly, the allocated funds should be used very rationally and for their intended purpose, the President of Turkmenistan emphasized, having given relevant instructions on this subject.

A well-thought-out pricing policy of the state, support for private initiative and other measures contribute to increasing the level of social security of the people. The necessary conditions should be created to accelerate the ongoing development programs for all sectors of the economy, the head of state ordered.

At the end of the workshop, President Gurbanguly Berdimuhamedov wished success in solving the tasks.