ASHGABAT, August 2, 2013 — On July 31 - August 1, 2013 the International Finance Corporation, a World Bank Group organization focusing on the private sector, delivered a workshop on privatization at the Ministry of Economy and Development of Turkmenistan. The workshop, attended by representatives of the Ministry of Economy and Development, Ministry of Finance, Central Bank, commercial banks as well as representatives of the private sector and valuation companies, was delivered by IFC’s Joseph Mik, Investment Officer and Zafar Khashimov, Operations Officer, with the support of the World Bank office in Turkmenistan.
The workshop has provided an insight on the fundamentals of the privatization process, including historic aspects, as well as implications of privatization for policy makers and stakeholders. It also looked at the valuation process and covered a number of practical examples and case studies related to privatization.
The privatization workshop is a result of the request made by the Turkmen Government in the context of its privatization program. It is also one of the activities in the World Bank Group’s new Interim Strategy for Turkmenistan covering financial years 2014-15. The program combines the global private sector development experience of IFC and the World Bank’s financial and private sector development unit.
The newly launched Interim Strategy covers private and financial sector development and macroeconomic statistics, to support the Government’s long-term socioeconomic development program for the benefit of the Turkmen people.
Turkmenistan signed the Articles of Agreement of the World Bank Group on September 22, 1992. In 1996, the Bank established a Liaison Office in Ashgabat to enhance communications with the government and to provide operational support. The Board of Executive Directors discussed the FY2014-15 Interim Strategy for Turkmenistan on July 25, 2013.