WASHINGTON October 7, 2016 — The World Bank and the Ministry of Finance of Turkmenistan today signed a second Reimbursable Advisory Services (RAS) Agreement, which is an integral part of the Country Engagement Note (CEN) for Turkmenistan. On behalf of the Turkmen side, the Agreement was signed by Mr. Mukhammetguly Mukhammedov, Minister of Finance and co-signed by Mr. Cyril Muller, World Bank Vice President for Europe and Central Asia, on behalf of the World Bank Group. The signing of the RAS Agreement took place on the sidelines of the World Bank Group–IMF Annual Meetings in Washington DC.
The activities under the RAS Agreement will build on areas previously proposed by the Turkmen authorities in the framework of the first RAS agreement signed in 2013. The agreement is designed to support business model reform and corporate governance in banking sector, the development of the credit reporting system, conducting national risk assessment in the area of money laundering and terrorist financing risk and strengthening macroeconomic statistics. The entire program under the agreement will be managed, delivered and supervised by the World Bank Group in line with the international best practices.
“The second Reimbursable Advisory Services Agreement, indicates the Turkmen Government’s growing interest in bringing its financial sector and macroeconomic reporting in line with international standards,” said Cyril Muller, World Bank Vice President for Europe and Central Asia. “The World Bank Group will complement the efforts under this Agreement with analytical and advisory services in sectors relevant to the country’s economic diversification agenda.”
The Agreement will assist the Government of Turkmenistan in addressing selected priority issues related to the country’s development goals.
The Country Engagement Note, discussed by the Board of Directors in November 2015, serves as a platform for cooperation for the World Bank and IFC with Turkmenistan to support reforms in the country.
Turkmenistan joined the World Bank Group in September 1992. In 1996, the Bank established a Liaison Office in Ashgabat to enhance communications with the government and to provide operational support.