Turkmenistan Parliament Approves US $ 20 Billion State Annual Budget for 2009

Ashgabat, 24 October 2008 (nCa) --- Turkmenistan Mejlis (parliament) debated Thursday and approved unanimously the state budget for fiscal 2009.

It is a balanced budget of 294.46 trillion Manats. At present exchange rates of one US dollar to 14250 Manats, it comes to around US $ 20 billion.

The first tier budget, consisting of essential expenses and direct non-hydrocarbon revenues, is 57.515 trillion Manats.

Spending on education, social welfare and healthcare has been increased by 13% compared to this year’s budget.

Nineteen trillion Manats have been earmarked for economic and infrastructure development, representing an increase of 42.8% on this years allocations.

As usual, oil and gas, petrochemicals, textiles, agro-industrial complex, transport, communications and construction are slated to lead the economy.

Special outlays are made for promotion of tourism and sports, uplift of rural areas, and development of Avaza free tourist zone and North-South trade and transportation corridor.

The parliament also supported the establishment of Stabilization Fund that is meant to serve as cushion against the global financial and economic crisis. The fund would absorb the surpluses of the state budget and generate its income through investments in long-term, low risk shares and securities.

In addition to Mejlis members, the members of the cabinet of ministers, representatives of ministries and departments and delegation of the national movement Galkynysh (Revival) attended the budget session.

Fiscal year In Turkmenistan coincides with the calendar year.