This was stated by the President of Turkmenistan at a regular meeting of the Cabinet of Ministers dedicated to the results of the country's development in January-April. The results of four months show that the government's well-adjusted activities, along with sufficient internal and external reserve funds, have allowed us to maintain high GDP growth rates. At the same time, the situation in the global economy continues to be very difficult, the head of state stressed.
As it was noted, we are currently able to resist negative phenomena that affect the functioning of air and land transport in international relations, sending products, tourism, money transfers and financial flows.
Based on these reasons, we expect a reduction in domestic production. The sharp decline in oil prices in the world should also be taken into account, the head of state said. It is expected that the current situation may be even more unfavorable than it was during the global financial crisis of 2008-2009, as well as the fall in oil prices in 2014-2015.
According to the forecasts of the Asian Development Bank, the situation with the current sharp decline in the level of GDP in Central and Western Asia in 2021 will slowly begin to improve, President Gurbanguly Berdimuhamedov noted.
As in previous crises, monetary policy, with a stable economy, faces a lack of money to meet needs. In such situations, the main task of the Government is to compensate for emerging economic losses and create reserve funds to ensure macroeconomic stability.
Therefore, we have to significantly reduce the expenditures of the state Budget and the expenditures of state organizations and companies. At the same time, we must fully and timely fulfill all socially important obligations to citizens, as well as to support entrepreneurship.
Speaking about this, the Turkmen leader pointed out that all Deputy Prime Ministers should prepare proposals to reduce state budget expenditures and re-examine all construction programs, except those of social significance. The Deputy Chairmen of the Cabinet of Ministers will need to submit proposals for drawing up a new budget based on the results of the first half of the year.
It is also necessary to change the direction of spending public funds, President Gurbanguly Berdimuhamedov said in the continuation of the topic. The funds received as a result of spending cuts should be directed to economic and financial support for enterprises, small and medium-sized businesses, and the creation of a mechanism for improving the financial system. And, most importantly, to provide medical institutions with medicines, protective equipment and diagnostics, and timely financing of quarantine expenses.
"At the same time, it is necessary to strengthen the work to increase the volume of exports, constantly keep the focus on food security issues. Special control should be exercised over the prices of food products, ensuring the abundance of these products in the markets and stores of the country," the head of state stressed.
