An International Monetary Fund (IMF) staff team, led by Ms. Anna Bordon, recently concluded a productive visit to Turkmenistan from June 4 to 16, 2026, as part of the 2026 Article IV consultation. The mission reviewed the country’s economic performance, outlook, and policy priorities aimed at fostering diverse, inclusive, and sustainable growth. Discussions with senior government officials, private sector representatives, financial institutions, and the diplomatic community were described as insightful and constructive.
According to the IMF team, Turkmenistan’s economy showed modest improvement in 2025. Economic growth edged up from 3.4 percent in 2024 to 3.6 percent, supported by a more stable performance in the hydrocarbon sector, even as non-hydrocarbon growth faced some structural headwinds. Inflation eased notably, falling from 4.6 percent to 2.7 percent, thanks to moderated price pressures and prudent monetary measures.
The country maintained a solid external position, with the current account recording a surplus of 1.7 percent of GDP in 2025. On the fiscal front, the central government achieved a small surplus, reflecting disciplined expenditure management that more than offset a modest decline in revenues. These outcomes underscore Turkmenistan’s continued macroeconomic stability, backed by substantial fiscal buffers and low public debt.
Looking ahead, the IMF projects growth around 2.4 percent in 2026, with inflation expected to rise moderately before stabilizing. The mission noted that the authorities are well-positioned to navigate the period, given their strong fundamentals. The IMF encouraged continued focus on building physical and human capital through targeted investments in health, education, social protection, and high-quality infrastructure.
The statement highlighted several areas where Turkmenistan can build on its progress. These include further strengthening public financial management, advancing reforms of state-owned enterprises to support private sector development, and enhancing the role of the Central Bank of Turkmenistan in ensuring price and financial stability. The IMF also welcomed the potential for exchange rate unification as a key step toward reducing distortions and promoting broader economic diversification.
Ms. Bordon emphasized the importance of shifting toward more market-oriented policies, improving trade logistics, expanding digital infrastructure, and strengthening governance and transparency — all of which align with Turkmenistan’s own long-term development goals. The mission praised ongoing efforts to improve economic statistics and data availability, which will support better-informed policymaking.
The IMF team expressed gratitude to the Turkmen authorities and other stakeholders for their warm hospitality and open dialogue. This visit reflects the continued constructive partnership between Turkmenistan and the IMF as the country works toward sustained and inclusive economic development. /// nCa, 23 June 2026