WASHINGTON: The Turkmen Parliament adopted a law on the 2017- state budget, the Turkmen government reported on November 24. In general, the Turkmen state budget revenues in 2017 will amount to 103,571.6 million manats ($29,591.89) and expenditures will amount to 104,871.6 million manats ($29,963.31).
The revenue part of the Turkmen budget will be formed mainly at the expense of oil and gas, chemical, electrical power engineering and construction industries. Agro-industrial complex, transport and communication sphere, textile and food industry will be further developed, according to the Turkmen government.
The Turkmen state budget for 2017 is first of all aimed to maintain the sustainable growth of the national economy, implementation of major investment projects, widespread introduction of innovative technologies in all spheres, the latest achievements of science and technology, ensuring high efficiency of public expenditures, the reports reads.
Turkmenistan takes one of the key positions in the region on supplies of natural gas: the fuel is exported to China and Iran. Russia stopped purchasing Turkmen fuel in 2016. The revenue part of the country’s state budget is mainly formed thanks to the most important sectors of the production sphere, such as oil and gas, chemical sphere, power industry, construction.
Under the state budget approved by the Turkmen parliament, overall revenues will amount to 102,478.5 million manats in 2016, expenses – 104,878.5 million manats. Turkmenistan enjoys the world’s fourth largest natural gas reserves after Russia, Iran, and Qatar It produces about 70-80 billion cubic meters of gas annually. The country is one of the key players in the energy market in the resource-rich Caspian region.
