In an interview to “Chronicles of Turkmenistan” on 7 December chief financial advisor of CIS Debt Recovery Solutions Taras Kopiy said that “Turkmenistan’s oil and gas sector is experiencing a default”.
Two days later, on 9 December, summing up the results of Turkmenistan’s Cabinet session, President Gurbanguly Berdymukhammedov stated that the budget adopted for 2018 and the Stabilization Fund which has “sufficient funds” will facilitate the dynamic development of Turkmenistan next year.
However, in the interview to ANT Taras Kopiy said that with a view of ensuring the country’s development Turkmenistan’s main state holdings, which bring most revenues to government’s coffers, should have a positive image on the international arena.
Without this further development of the country is not possible.
For example, cooperation with Chinese companies for Turkmen state-run corporations will be significantly hindered due to a “zero” financial ranking.
At the same time, for some reasons the authorities think that debt repayment to foreign suppliers is not a priority goal, Taras Kopiy says.