IMF Staff Country Reports

Turkmenistan: Recent Economic Developments

Publication Date:

July 25, 1997

Summary:

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.

Series:

Country Report No. 1997/058

Subject:

Agricultural commodities Arrears Commodities Credit Exports External debt Foreign exchange International trade Money