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22.10.08 14:01
Turkmenistan to establish Stabilization Fund
Turkmenistan will establish the Stabilization Fund to avoid the negative impact of the world economic and financial crisis on the national economy. This was announced by Turkmen President Gurbanguly Berdimuhamedov at a government meeting on 21 October, the Turkmenistan.ru correspondent reports from Ashgabat.

According to the head of state, the Stabilization Fund will make it possible to minimize the dependence of the national economy on the oil and gas sector and also protect it from a negative impact of external factors.

The fund will cluster the remaining surplus of the state budget and will be used to accumulate the financial assets of the state. The fund's resources will be channeled into the social-economic development of Turkmenistan and the implementation of various budget programmes, introduction of modern technologies and state of the art equipment.

"Some part of the Stabilization Fund, namely the so called "funds of future generations" will be invested in low risk, long-term financial shares and real estate. This will be Turkmenistan's insurance fund for our children," Gurbanguly Berdimuhamedov said.

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