Prospects of cooperation with IMF and World Bank

Economy & Industry

The Ministry of Finance and Economy organized online meetings with representatives of the International Monetary Fund and the World Bank Group to discuss the priority vectors of cooperation.
During the online meeting with IMF experts, prospects for cooperation in several areas were considered. In particular, information about the upcoming plans of this financial structure in connection with the current situation in the global economy and measures of response to COVID-19 was presented.
The issues of financing Turkmenistan in order to develop an accelerated mechanism to combat the coronavirus pandemic were discussed during the videoconference meeting with World Bank Vice President for Europe and Central Asia, Anna Bjerde and World Bank Country Director for Central Asia, Lilia Burunciuc.
Modernization of energy and transport, introduction of information technologies in all sectors, development of agricultural industries rank among the key directions of the economic strategy of Turkmenistan. In this context, the meeting participants exchanged views on the implementation of the project for the development of fruit and vegetable production in our country.
Private entrepreneurship plays a significant role in modernization and diversification, import substitution, as well as creation of food abundance and increase of the export potential of the country.
In this context, support for private sector projects was specified among the prospects for bilateral partnership. World Bank representatives provided the Turkmen side with information on the latest status of the Doing Business project and inclusion in the Doing Business rankings.
The impact of COVID-19 on the global economy and the IMF's response to foster sustainable recovery were the main topics of the online meeting with the International Monetary and Financial Committee.
As noted, prompt actions to provide support during the current crisis would have a positive effect in the context of the global economic downturn and would help to stabilize the situation.
The videoconference meeting between 9 countries of the World Bank Group representatives and the International Monetary Fund focused on the priorities of cooperation.

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