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PRESS RELEASE

World Bank Group Supports Reforms Through Interim Strategy for Turkmenistan

July 25, 2013



WASHINGTON, July 25, 2013 — The World Bank’s Board of Executive Directors today discussed an interim strategy for Turkmenistan that will serve as a platform for cooperation for the World Bank and International Finance Corporation (IFC) with Turkmenistan to support reforms in the country from 2013 through 2015.

“Turkmenistan has asked the World Bank Group for technical assistance to support economic and financial reforms in the country,” said Saroj Kumar Jha, World Bank Regional Director for Central Asia. “Under the new strategy, the World Bank Group will bring to Turkmenistan global knowledge and international experience to help the government implement its long-term socioeconomic development program for the benefit of the Turkmen people.”

The purpose of the interim strategy, which does not involve lending, is to assist the government in addressing selected priority issues related to the country’s development goals. This will be done through the provision of analytical and advisory services in the areas jointly identified by the government and the World Bank Group. This approach reflects the findings of extensive consultations with key stakeholders, including the government, private sector representatives, civil society organizations, development partners, and others.

“IFC will bring its global experience in private sector development to Turkmenistan,” said Moazzam A. Mekan, IFC Regional Manager for Central Asia. “A strong private sector is critical for sustainable economic development, and we are ready to share our knowledge to help strengthen the capacity of relevant agencies and support the government in creating an enabling environment for further private sector growth.”

The new interim strategy consists of two components:

  • first, a modest, reimbursable services program, financed by the government and focused on selected activities in areas proposed by the government, such as macroeconomic statistics, financial sector development, and private sector development. This program will be arranged, managed, and supervised by the World Bank Group.
  • second, complementing the reimbursable services program, a set of strategic analytical studies undertaken by the Bank and IFC on economic diversification, investment climate, privatization, and WTO accession.  These studies will be financed by the World Bank Group and implemented in line with standard internal procedures for analytical and advisory services.

Turkmenistan joined the World Bank Group in September 1992 and in 1996, the Bank established a Liaison Office in Ashgabat to enhance communications with the government and to provide operational support.

 

Media Contacts
In Washington
Kristyn Schrader-King
Tel : (202) 458-2736
kschrader@worldbank.org
In Broadcast Requests
Mehreen Sheikh
Tel : 202 458 7336
msheikh1@worldbankgroup.org


PRESS RELEASE NO:
2014/011/ECA

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