ASHGABAT: The work on adoption of the draft state budget for 2017 is underway in committees of Turkmenistan’s parliament, the Turkmen government said in a message Nov. 12. The issue was discussed during a meeting of the country’s Cabinet of Ministers. “The main financial document should focus on investments in the development of the national economy, ensuring fundamental reforms in all spheres of the state’s activity,” said Turkmen President Gurbanguly Berdimuhamedov, according to the message.
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. According to 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. The official exchange rate of the national currency, the Turkmen manat, to one dollar is 3.50 Turkmen manats since January 2015.
