Yesterday during the meeting of Cabinet of Ministers, Gurbanguly Berdymuhamedov, the president of Turkmenistan, announced the establishment of Stabilization Fund of Turkmenistan, with a purpose to avoid negative impact on national economy of world economic and financial crisis.
Size of the Stabilization Fund was not mentioned. Remains of the State budget will form the base of the fund, and in future financial assets of the state will accumulate in the fund, informed the president.
“The presence of the Stabilization Fund would also decrease the dependence of the economy of the fuel and energy complex and reduce the adverse impact of external factors,” said Berdymuhamedov. The fund will focus on socio-economic development of Turkmenistan, in the form of transfers allocated to implementation of all kinds of budgetary programs, introduction of modern technologies and advanced equipment, added the president.
Part of the assets of the Stabilization Fund, so-called “means future generations”, will be placed in high, long-term financial shares of the company with minimal risk. This is going to be the state insurance fund for our children, Gurbanguly Berdymuhamedov.
