Opening the session, the Head of the State noted that according to the assessment of leading international financial structures, the world’s economy is developed slowly at present. According to the last forecast of International Monetary Fund, only 3.5 percent of growth of the global economy is expected in 2017, the Leader of the Nation has said, having highlighted that unstable situation would remain in the world’s financial markets and the growth rate would slow down in economically developed countries. Difficult external geopolitical conditions including the falling of oil and gas prices would affect the situation in international assets and investments markets, President Gurbanguly Berdimuhamedov continued, having stated the reduction of economic activity in the states, which are the partners of Turkmenistan. Despite the above-mentioned factors, Turkmenistan keeps stable macroeconomic situation, the Leader of the Nation highlighted, having noted that steadily high dynamics of growth is observed in the country on economically sufficient level. As an example, the Head of the State cited the outcomes of four months of the current year, according to which this index made 106.3 percent. Financial and social stability is also preserved. The measures for adaptation to impacts of external factors and changes of economic growth are implemented, the Head of Turkmenistan stated with delight, having emphasized that active development of social sphere, particularly social protection of the population and reform of educational and public health systems are continued. The President of the country noted that extensive industrial policy for production of import substitutive goods and increase of export volumes, the course taken on activation of the branches that are not related to hydrocarbon resources, were implemented along with the policy of crediting and reduction of unreasonable expenditures. The measures undertaken in this direction allowed preserving the competiveness of the majority of branches of national economy, diversifying foreign trade operations and keeping the volumes of export operations on the last year level. Our economy is continued to be developed under conditions of the external demand reduction, the Head of the State continued, having highlighted that the measures for saturation of the market by local products and stimulation of import substitutive productions are implemented. Export oriented branches are established in industry, agriculture and service sphere. This would allow expanding our opportunities to come over negative impacts of the world’s crisis, the Leader of the Nation said. The State budget of the country was made considering real situation by reduction of unreasonable expenditures, President Gurbanguly Berdimuhamedov noted, having pointed that it is also stipulates more balanced and purposeful use of finances. At present day, high share of the investments in the economy of the country is kept, namely the volume of the GDP is on 42 percent level, the Head of Turkmenistan stated with delight. The Leader of the Nation highlighted that rates of implementation of large-scale regional and national investment projects as well as reforming of different branches of national economy are also preserved. President Gurbanguly Berdimuhamedov said that the reforms are also carried out in financial, tax and budget, monetary and credit, foreign policy and pricing policies and noted that generally, satisfactory results have been achieved by the outcomes of five months. After, the Leader of the Nation emphasized that the work of certain ministries and departments is not carried out on proper level. President Gurbanguly Berdimuhamedov paid special attention to the activity of financial and economic sector. The Ministry of Finances, Ministry of Economy and Development, Institute of Strategy Panning and Economic development were established in due time taking into account the objective of utmost importance, which are the financing of the branches, successful implementation of the state programmes, particularly further large-scale development of the country, the Leader of the nation continued, having highlighted that all these institutions have to carry out joint and integrated work. In this context, the Head of the State pointed that the activity of the Institute has to be aimed at the development of the country, the Ministry of Finance has to provide financing and the Ministry of Economy and Development has to implement adopted state programmes. Mentioning large volume of the coming work for further development and improvement of one of the most important sector of national economy – financial, banking and economic sphere, President Gurbanguly Berdimuhamedov stressed the attention of the participants on key objectives of the departments of this sector. Speaking to Minister of Finances M. Muhammedov, the Head of the State highlighted that provision of the State Budget execution is one of the main functions of this structure. The Head of Turkmenistan noted that new tactics of economic policy stipulates taking of all economic and management solutions from economic reasonability and long-term interests of the country point of view. In this regard, President Gurbanguly Berdimuhamedov requested to hold under control the matters of rational use of money allocated by the Government. At the same time, it is necessary to undertake measures for improvement of financial reporting discipline of the ministries and branch departments and methodology of development of budget documentation, the Head of the State said. The Leader of the Nation highlighted that the Ministry of Economy and Development headed by B. Bazarov does not hold under proper control the implementation of new edition of National Programme for Improvement of Social and Living Conditions of the Population of Villages, Settlements, Etraps and Etrap Centres until 2020 and pointed the necessity of fulfilment of all activities planned by this document on time. It is also necessary to provide timely solution of the objectives of the state programmes for production of import substitutive goods and increase of export volumes, privatization of the government enterprises and facilities and transformation of them into joint stock ventures, the President of the country mentioned. Important component of national economy, the development of private entrepreneurship is one of the key aspects of the state course. In this context, large importance is attached to comprehensive support of small and medium business, the President of Turkmenistan noted, having focused the attention of the Minister on the necessity of improvement of the efficiency of measures undertaken in this direction. Continuing the session, the Head of the State highlighted that programme-oriented form of economy planning, used today for achievement of positive results, allows optimization of the main priorities of the development, their phases, resources and mechanisms of implementation. In this regard, President Gurbanguly Berdimuhamedov outlined priority targets of the Institute of Strategy Planning and Economic Development. Addressing Director of the Institute M. Atayev, the Leader of the Nation pointed the necessity of preparation of scientifically based recommendations for consolidation of the position of Turkmenistan in international division of labour, accumulation of export potential of the country in most beneficial directions and improvement of import structure. It is necessary to study advanced practice in this sphere and actively implement it, the Head of the State said Availability of modern tax system, which is able to stimulate accumulation and efficient use of national treasuries of the country, to assist harmonization of the interest of the economy and society and by doing so, to provide social and economic progress, is a component of economic strategy. Provision of the state with financial resources, creation of conditions for regulation of the economy of the country in general are the main objectives of this sphere. Introduction of new production and establishment of different entrepreneurship activities allowed the expansion of taxation base, the increase of the income of the State budget. Now, there is a necessity for radical reformation of tax system of the country, President Gurbanguly Berdimuhamedov highlighted, having focused the attention of Chairman of the State Tax Service S. Gundogdiyev that the structure needs to use modern methods and highly qualified specialists for explanatory work on provisions of existing legislation in this sphere. At the same time, it is necessary to work on improvement of existing legal and regulatory acts, the Leader of the Nation said. After, speaking to Chairman of the Central Bank M. Annadurdiyev, the Head of the State noted that at the modern stage, banking system of the country is not developed in full volume. Provision of stability of purchasing power and rate of national currency, sustainability and liquidity of banking system, efficiency and reliability of payment system are the main functions of the departments of this system. Improvement of the level of availability of financial services for the population and representatives of small and medium entrepreneurship are very important subjects. It is necessary to carry out steadfast work for increase of volumes of deposits by population and crediting of financially beneficial projects in agricultural complex. It is necessary to expand the services, to form up modern system of non-cash payments using new methods and advanced technologies. Consolidation of fruitful cooperation with competent international financial structures and central banks of foreign countries for study of the advanced practices in this sphere were named among actual directions. After, the Head of the State stressed the attention of Deputy Chairman of the Cabinet of Minister B. Hojamammedov on the importance of regular monitoring of all branches as well as development of specific measures for further improvement of the activities of the structures under his supervision. It is necessary to hold under control time fulfilment of the assignments outlined in reform programmes, the Head of the State highlighted. The Leader of the Nation reprimanded Minister of Finance M. Muhammedov for improper fulfilment of service duties and loosening of control of the activity of lower departments and gave him last warning to correct the shortfalls as soon as possible. By the order of the Head of the State, Minister of Economy and Development B. Bazarov was also severely reprimanded for improper fulfilment of the duties, reduce of control of the activities of lower departments and enterprises. The President of Turkmenistan also gave strong warning to Chairman of the Main State Service S. Gundigdiyev for unsatisfactory fulfilment of work responsibilities and shortcomings in the work. Having expressed the discontent with the organization of work of the financial, economic and banking sector, Leader of the Nation Gurbanguly Berdimuhamedov reprimanded Vice-Premier B. Hojamammedov for improper fulfilment of the duties and weakening of control of the activities of ministries and branch departments under his supervision with the last warning for correction of committed shortfalls as soon as possible. After, addressing gathered leaders, the Head of the State said that as it was mentioned earlier, it is necessary not only to preserve current macroeconomic situation in the country but also to consolidate it. Having highlighted the necessity to keep the level of inflation and the rate of national currency within set limits, the President of Turkmenistan drew the attention of the participants of the session on some key objectives. Pursuing adequate macroeconomic policy is an important factor of the regulation of the state activity, the Leader of the Nation said, having noted that as it was highlighted before, it is necessary to minimize direct involvement to regulation of the economy. Despite the fact, that today, all measures for elimination of bureaucracy from the economy are implemented, its pressure still prevails. The Head of Turkmenistan named rapid transfer of the economy to market relations in accordance with the Constitution of the country among the main directions of the coming work. The Government have to manage only the property that is necessary for implementation of its authorities on provision of security and defensive capability of the country. It is obvious that only diversified economy will be stable in long–term perspective, President Gurbanguly Berdimuhamedov said, having noted that it is necessary to stop outdated and uncompetitive productions. It is necessary to create economic environment based on innovations and latest technologies and to speed up the industrialization of the country for our State to occupy deserving place in global market, the Leader of the Nation said. Having emphasized that the State budget is to be one of the basic mechanism for modernization of the country, the Head of Turkmenistan requested to consider long-term priority directions of the country development as the foundation of the main financial document during its development. It is necessary to undertake reformation of the budget sphere in general as guaranteed fulfilment of its obligations by the state is possible only with the availability of comprehensively coordinated budget system. It is also important for efficient formation of social policy. The fact that system of the benefits became ineffective at present what was already discussed repeatedly in the past. In this regards, B. Hojamammedov was entrusted to prepare the proposals on cancellation of all benefits, in other words, the benefits have to be given only to those who really needs social care. The President of Turkmenistan also highlighted the necessity of tax reforms. The terms of taxation have to be equal for all enterprises working in the same field. Tax system should not make any difficulties for entrepreneurship activity. Generally speaking, it is important to review the main components of this sphere after completion of the reforms. This is the tax system that will allow increment of wages and refuse unreasonable system of bonus payments, - the Head of the State said. Stimulation of additional pension savings of the citizens is also extremely important, the Leader of the Nation continued, having noted the necessity to encourage continuation of work of highly qualified specialists after they reach pension age. Taxation of natural resources users is another separate vector. Payment system formed in this direction does not provide fair and economically proven natural rent payments, President Gurbanguly Berdimuhamedov highlighted, having addressed the instructions to Vice-Premier B. Hojamammedov to work over the improvement of this important sphere and present relative proposals. Summing up the speech, the Head of Turkmenistan mentioned that during reformation of inter-budgetary relations of tax sources, redistribution of this sphere among the levels of power is principle subject of its modernization. President Gurbanguly Berdimuhamedov requested deputy Chairmen of the Cabinet of Ministers to present integrated complex of interrelated projects on amendment to the tax system as well to the laws in relation with the adoption of the fundamental acts on benefits. Having stopped on modernization of financial, banking and crediting sphere, the Leader of the Nation outlined the availability of credit resources and quality of financial services among the main measures what is necessary for the economy and the citizens. First of all, these are mortgage, educational and consumer credits, the Head of the State continued. Besides, it is necessary to provide reliable protection of the rights of investors. The basic law on insurance has been already adopted, the Leader of the Nation said, having noted that it is necessary to establish working system of such insurance. In the end, President Gurbanguly Berdimuhamedov highlighted that only the part of the objectives was outlined on the session, which are necessary to be resolved as soon as possible for elimination of the shortages in the branches of national economy. Training of modern generation of managers able to provide rapid quality development of the economy and realization of new government programmes was highlighted as the main objective. These programmes of the country development will allow the solution of such issues as radical increase of the GDP and as the result the growth of prosperity of the people, the Head of Turkmenistan noted.