Yuri Aronsky notes reliability of Turkmenistan in paying off debts

The expert commented on the timely repayment of the multibillion-dollar loan to the China Development Bank.

On June 11, at a meeting of the Cabinet of Ministers of Turkmenistan, it was announced that the State Concern «Turkmengaz» had fully repaid the loan to the China Development Bank. Yuri Aronsky, the head of the Union of Economists of Turkmenistan, a member of the Coordinating Council of the International Union of Economists commented on this situation in interview to CentralAsia.news.

Investment attractiveness

The investment attractiveness of any legal entity or individual is, first of all, reliability and fulfillment of its obligations on time and with high quality. It is especially important when dealing with interstate loans or credits.

Very often some countries greatly delay the return of borrowed funds or even ask for a partial write-off of the debts.

Timely loan repayment

Turkmenistan looks very attractive on the world financial market, as it fulfills all its obligations accurately and on time.

A good example of that is the full return of multibillion-dollar funds to the China Development Bank, attracted by the State Concern «Turkmengaz» for the implementation of a number of projects to diversify the supply of Turkmen gas abroad, the construction of the Turkmenistan-China gas pipeline and the development of a large gas field — Galkynysh.

In my opinion, it seriously improves the investment image of the country and provides international support for further steps in the development of a globally supported green economy policy.

Investment is the key to economic growth

Everyone understands that investments, both external and internal, are a key factor in the accelerated development of the economy and an increase in the standard of citizens’ living. 

In recent years, Turkmenistan has carried out a tremendous work to attract the most advanced technologies and foreign investments into the national economy.

It must be noted that we still have certain reserves for raising funds, especially in the domestic market, from the private sector of the economy and the population.

High share of savings in GDP

The constant high share of savings in the gross domestic product, as I have repeatedly pointed out earlier, even in the context of global crises, makes it possible today and in the future to successfully continue the processes of economic diversification, introduce new investment technologies and accelerate implementation of programs for the transition to the digital economy.

Earlier, Aronsky noted that the foresight of Turkmenistan in the field of savings allowed the country to reduce the negative COVID impact in the economic sphere.

The expert drew attention to the fact that local authorities are constantly and systematically working to improve the investment climate. In this direction, special attention is paid to ensuring a favorable business environment by modernizing the legal framework and reducing statistical and tax reporting. The process contributes to the growth of attracted foreign direct investment in the economy even during economic crises, he added.

16 06 2021, 12:01
Photo source: CentralAsia.news

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