Turkmenistan: Recent Economic Developments

International Monetary Fund

No 1997/058, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in Turkmenistan during 1994–97. To address the growing economic difficulties, the government announced an economic reform package for 1996, which aimed at achieving a recovery in output, sharply lowering inflation, maintaining a strong reserve position, and promoting private sector development. The reform package had mixed success. Monetary and credit policy was generally restrained until late 1996, contributing to a moderation in inflation. However, economy-wide public sector wages were doubled in October, against a background of continued payment difficulties in the gas sector and a decline in GDP.

Keywords: ISCR; CR; commercial bank; debt service; gas export; monetary policy; private sector; U.S. dollar; foreign exchange; exchange rate; Exports; Arrears; Credit; Agricultural commodities; Central Asia (search for similar items in EconPapers)
Pages: 134
Date: 1997-07-25
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