President Gurbanguly Berdimuhamedov held a working meeting with the participation of the Deputy Chairmen of the Cabinet of Ministers, members of the State Security Council, as well as heads of a number of ministries and sectoral departments.

Opening the meeting, the President noted that our country is preparing for the solemn events on the occasion of the 30th anniversary of independence this year. Preparations for this holiday are taking place against the backdrop of a difficult international situation.

According to the leading financial institutions, the head of state continued, there is a slow recovery of the world economy at the current stage.

It is a slight but noticeable decline in growth rates in advanced economies. Thus, a complex external geopolitical situation is being formed. At the same time, the consistent decline in oil and gas prices affects the situation on the international resource markets and the inflow of investments. Economic activity has also decreased in the states that are our trade partners.

Despite the above factors, the country maintains macroeconomic stability, stated President Gurbanguly Berdimuhamedov.

In the context of a fall in external demand for products, the necessary efforts are being made to provide the domestic market with locally produced goods as well as to stimulate enterprises to produce import-substituting products.

“We are not slowing down the rates of work for implementation of large-scale regional and national investment projects, as well as reforms, in various segments of the country's economy. Transformations in the field of financial, tax, budgetary, monetary, foreign economic policy and pricing are being successfully implemented,” President Gurbanguly Berdimuhamedov said.

All of this will expand the boundaries of our capabilities, minimize the impact of the negative consequences of the global economic crisis, the head of state continued.

Turkmenistan is actively pursuing a foreign policy based on the principles of positive neutrality, "open doors", good neighborliness and equal, mutually beneficial partnership with all interested states.

This year, the head of state noted, Turkmenistan is chairing the VI Summit of the heads of the Caspian states and the XV Summit of the Economic Cooperation Organization. Thus, our country will become the venue for many significant international events with the participation of leaders of foreign countries, as well as festive celebrations, in which high-ranking foreign guests will take part. This fact clearly testifies to the progressive growth of the international authority of the Turkmen state and the full support of the world community for our foreign and domestic policy, President Gurbanguly Berdimuhamedov said.

Continuing the meeting, the Turkmen leader expressed dissatisfaction with the work of the leadership of a number of ministries and profile departments. Incomplete utilization of the existing potential, lack of initiative and professional qualifications of some managers were named among the shortcomings.

The current growth rate of the gross domestic product, the financial situation of our state cannot satisfy us, the head of Turkmenistan said noting that the results of the work carried out in these areas will be considered at the current meeting with the participation of all heads of the financial and economic complex, individual ministries and sectoral departments.

Continuing the meeting, the President focused on issues related to improving the activities of the oil and gas complex. As the President of Turkmenistan noted, an important task is to transform our country into an industrially developed state with a high-tech, "green", innovative economy.

In this regard, rational use of natural gas for production of petrochemical products, in particular, with high added value, is one of the priorities in the context of development of fuel and energy complex. For this purpose, more than 8.8 billion US dollars of foreign investments have been attracted to this complex. As of today, 93 percent of them have been used, President Gurbanguly Berdimuhamedov said.

Speaking of this, Turkmen leader has noted the importance of timely repayment of loans, and especially bringing industrial enterprises built by attracting them to their design capacity.

Inquiring about the fulfillment of the tasks for modernization of the production structures of fuel and energy complex and return of credit funds, the President of Turkmenistan listened to the reports of the management of the complex.

State Minister - Chairman of the State Concern "Türkmengaz" B. Amanov has reported on the status of works carried out in relevant structures, steps taken to repay foreign loans in due time.

It was noted that the State Concern plans to return their balance at the expense of funds received on accounts from the sale of additional volumes of natural and liquefied gas, sulfur, ECO-93 gasoline in foreign markets. Efforts are being put to pay off all debts this month.

President Gurbanguly Berdimuhamedov has focused on the necessity to take prompt measures to resolve this issue by the State Concern "Türkmengaz". In this context, it was noted that it is necessary to modernize the production facilities of the State Concern, to introduce modern technologies and a digital system into the activities of its structures actively.

Further, Chairman of the State Concern "Türkmennebit" G. Baygeldiev has reported on the situation in the structures under his supervision. It was also reported on the measures taken to repay foreign loans raised to finance the contract for procurement of oil and gas equipment.

It was noted that at present time, the return of their balance is carried out as scheduled in order of priority. For the successful solution of the assigned tasks, integrated works are carried out.

The head of state stressed that it is necessary to increase the production capacity of enterprises and improve their work in order to timely return the borrowed funds. It is necessary to constantly keep in mind these issues, to make every effort to bring industry enterprises to their design capacity.

This will allow solving the tasks of repaying loans within the specified time frame successfully and will also contribute to increasing work productivity, increasing the export capabilities of the State Concern, President Gurbanguly Berdimuhamedov noted demanding the head of Türkmennebit State Concern to exercise strict control in this area.

Chairman of the State Corporation "Türkmengeologiýa" M. Roziyev has reported on comprehensive measures, which are intended to increase work productivity in subordinate structures and ensure timely repayment of loans.

Having listened to the report, the head of Turkmenistan noted that when attracting foreign investments, as well as credit funds for creating new complexes in the structures of the State Corporation, one should take responsibility and pay special attention to determining and agreeing on the timing of their repayment.

In order to repay loans on time, it is necessary to increase the production capacity of enterprises, to establish their efficient operation using advanced experience and digital technologies, the President said addressing specific instructions.

During the meeting, President Gurbanguly Berdimuhamedov gave floor to the Prosecutor General of Turkmenistan B. Atdayev, who reported on the results of the prosecutor inspections carried out on behalf of the head of state in the structures of fuel and energy complex. In this regard, it was reported on identified individual shortcomings in the context of effective development and timely return of foreign credit funds.

Summing up the report, the head of state has focused on the necessity of proper organization of work in the sectors of national economy, strict compliance with legal requirements. The President instructed the Prosecutor General to supervise timely return of credit funds and investments in the structures of fuel and energy complex and to ensure the legality of their activities regularly.

It was noted that in order to increase the productivity of fuel and energy sector, its capacities should be used to the maximum, for which it is necessary to modernize the work of research institutes in the structure of fuel and energy complex, train highly qualified personnel and also increase international cooperation in this area.

These issues should be analyzed in detail and, in particular, concerning the expansion of mutually beneficial cooperation with reliable foreign partners, a systematic approach to work, the head of state said addressing relevant instructions to Deputy Chairman of the Cabinet of Ministers, Chairman of the Supreme Control Chamber S. Berdimuhamedov.

Then the floor was given to the Deputy Chairman of the Cabinet of Ministers Sh. Abdrahmanov who in charge of the fuel and energy industry.

The vice-premier has reported on the situation in the structures under his supervision, implementation of investment projects as well as on the measures taken to repay foreign loans received by the oil and gas complex on time.

The President noted that timely return of foreign credit funds is the key to the development of constructive international cooperation. For this purpose, it is necessary to bring enterprises to their design capacity and to modernize industrial structures, the head of Turkmenistan emphasized demanding the vice-premier to keep relevant works under constant control.

It is necessary to accelerate the rates of construction of new petrochemical complexes by attracting direct investments in joint ventures. It is necessary to prepare a detailed feasibility study when attracting foreign capital, including loans for the construction of modern production facilities, the head of state noted instructing to analyze self-sufficiency of the projects, to study sales markets of readymade products. In this context, the emphasis was placed on the importance of professional development of specialists.

Continuing the subject, the head of state has instructed to keep under control all issues related to the reduction of import of additional components through the establishment of its own production, monitoring financial and economic condition of enterprises supervised by the heads of the relevant structures, taking the necessary measures to repay loans on time.

The oil and gas complex is the main source of replenishment of the central budget and foreign currency reserves of the state. These funds are directed to social, economic and industrial development of the country, provision of food security and improvement of the well-being of the population.

Therefore, all specialists, scientific and auxiliary personnel, heads of fuel and energy complex have to make a deserving contribution to the development of fuel and energy complex, President Gurbanguly Berdimuhamedov said giving specific instructions in this regard.

Further, the head of state has moved on to the review of financial issues in the construction, electric power and chemical industries.

It was noted that foreign loans have been attracted to the construction and industrial complex to total amount of about 2 billion 682 million US dollars in recent years. 69.4 percent of these funds have been spent as of today.

Focusing on this, the President of Turkmenistan has noted that he would listen to the reports and proposals of the relevant leaders on this subject.

Addressing them, the head of state has expressed interested in how they plan to repay the loans, having said that industrial facilities built using the funds are not functioning at their full design capacity.

The relevant managers were asked questions on the work that is being done with creditors to postpone the return of loans received, in particular, by the State Concern "Türkmenhimiýa", as well as what measures are being taken to bring enterprises to their design capacity.

Minister of Energy Ch. Purchekov was the first to report that the Ministry of Energy is implementing important projects of national and international importance through attraction of loans and investments.

Thus, the construction of the circular power system of the country Akhal-Balkan and Balkan-Dashoguz and associated substations, the Energy Equipment Maintenance Center in Byzmeyi district of Ashgabat, gas turbine power plant in the Charjew district, Lebap Region is carried out. In addition, the work on construction of Turkmen section as part of Turkmenistan-Afghanistan-Pakistan power line is continued. The first stage of this power line is planned to be completed by August 2021.

It was also said that all measures would be taken to all received loans.

Having listened to the report, the President instructed to keep the fulfilment of works on accelerated implementation of energy projects of national and international importance under special control.

Further, the floor was given to Chairman of the State Concern "Türkmenhimiýa" N. Niyazlyev, who reported on use of investments attracted for the development of the domestic chemical industry.

It was noted that projects for the construction of large production facilities are being implemented, the most modern, high-performance technological equipment from leading world manufacturers is being installed at the country's chemical plants and the production of new types of products, which are on high demand both in local and foreign markets, is being arranged,.

At present, the State Concern "Türkmenhimiýa" is working to pay the loans on time from the sale of chemical products made by the facilities of the complex.

The President has pointed out the need to repay foreign loans by increasing the profitability of the industry, in particular, by building modern facilities and further technical re-equipment of existing enterprises.

Emphasizing the need to intensify contacts with reliable partners, the President addressed the relevant instructions to the Deputy Chairman of the Cabinet of Ministers, Chairman of the Supreme Control Chamber S. Berdimuhamedov.

Further, the floor was given to Deputy Chairman of the Cabinet of Ministers Sh. Durdyliyev.

Reporting on the debt of subordinate ministries and departments to foreign banks on loans, the vice-premier said that practical measures are taken to return external loans in accordance with the dates of their repayment at present.

Summing up the report, President Gurbanguly Berdimuhamedov has ordered to study in details all possible options for the timely return or revision of the repayment terms of received foreign credit funds and to make appropriate proposals in this regard as soon as possible.

In creating of the factors conducive to the return of foreign loans that were attracted to the State Concern "Türkmenhimiýa", it is necessary to increase the flow of funds in foreign currency by setting up production of export-oriented and import-substituting products. In addition, it is necessary to open facilities for production of complex mineral fertilizers and other products by attracting direct investments in joint ventures, the head of Turkmenistan noted.

The President ordered to prepare a detailed feasibility study when attracting foreign capital, including credit funds, for the construction of new production facilities, to analyze the payback periods of projects in accordance with international practice, to study the sales markets for finished products, and, if possible, to reduce the import of additional components by establishing own production.

Having defined the priority tasks, the President addressed a number of instructions to the heads of the construction and industrial complex.

Further, addressing the heads of the transport and communication sector, President Gurbanguly Berdimuhamedov has stated that 1.5 billion US dollars of foreign loans have been invested in the industry in recent years. At the moment, 67.8 percent of these funds have been spent.

Inquiring how the plan of timely return of credit funds would be implemented, the head of state has noted the need to take measures to ensure that the facilities financed from these resources, in particular, the North-South railway, operate in accordance with the design capacity.

Further, the President of Turkmenistan has listened to the reports and proposals of the leaders of the transport and communication sector.

Chairman of the Türkmendemirýollary Agency A. Atamyradov has reported on work carried out for strengthening of equipment and facility base of the railway industry, efficient use of funds received from various sources to finance projects of international importance and the construction of transit transport corridors.

Continuing the meeting, Head of the Türkmenaragatnaşyk Agency H. Hudayguliyev has reported on the situation in the structure under his supervision, measures taken to improve the material support of specialized divisions. As part of the report on the implementation of the instructions previously given by the head of state, information on practical measures taken to improve the efficiency of multidisciplinary data transmission systems and resolve financial issues has been presented.

Further, the floor was given to Deputy Chairman of the Cabinet of Ministers B. Ovezov, who reported on work for use of available resources in order to increase the profitability of transport and communication complex, to improve the activities of specialized enterprises, as well as to finance industry projects and to pay back the credits.

Summing up the report and noting the need to ensure return of received loans within specified timeframe or revise the conditions for their return, President Gurbanguly Berdimuhamedov instructed to study all possible options and prepare proposals on this issue.

It is necessary to analyze financial and economic situation of the facilities under the Türkmendemirýollary Agency, to assess their ability to repay foreign loans and take all measures to pay them off within agreed timeframe, the head of state said. To solve given tasks, it is necessary to ensure the accelerated withdrawal of enterprises to their full design capacity and to establish the effective functioning of production structures.

The head of state stressed that it is necessary to use modern railway infrastructure facilities and achieve an increase in the volume of cargo transportation by railways in order to increase transport and transit capabilities of our country.

Having addressed number of instructions related to the development of the industry, President Gurbanguly Berdimuhamedov noted the importance of sharing experience and useful innovative developments with foreign partners, which would provide an additional inflow of investments to the industry.

For timely payment of foreign loans, the Türkmenaragatnaşyk Agency has to use the potential of the satellite communication system, the President noted.

To keep pace with global development of information technology, it is important to continue improving the quality and bandwidth and to expand the range of communication services.

It is necessary to prepare a detailed feasibility study of foreign investments, including those related to lending, for the construction of new production facilities, it is necessary to analyze the timing of projects, ensure the training of highly qualified personnel, to study the markets for the placement of services, the head of state emphasized.

Continuing the meeting, the President of Turkmenistan noted that 822,200,000 US dollars have attracted and developed to agricultural complex in the last years.

At present time, the balance on loans is 607,700,000 US dollars. Out of this amount, $ 145 million have to be paid between March and December of this year.

In this regard, the head of state asked the heads of the agro-industrial complex what measures are envisaged to ensure timely return of received credit funds and to bring agricultural facilities, especially food industry facilities, to their design capacity.

The head of state gave floor to Minister of Agriculture and Environmental Protection A. Altiyev, who reported on fundamental reforms carried out in agricultural sector and on the measures taken to ensure the profitability of the industry.

It was noted that agricultural machinery and equipment from leading world manufacturers, as well as spare parts for them, are regularly purchased. For these purposes, the Ministry of Agriculture and Environmental Protection attracted significant investments. Currently, necessary work is carried out to pay back the loans on time.

In his turn, Chairman of the State Water Management Committee G. Bayjanov has reported on financial condition of water management facilities and measures for rational use of water resources.

Further, Deputy Chairman of the Cabinet of Ministers E. Orazgeldiyev has reported on attraction of foreign loans by the ministry and profile departments of agricultural complex for procurement of agricultural machinery and equipment.

It was noted that the Ministry of Agriculture and Environmental Protection as well as the State Committee for Water Resources are planning to pay these loans at the expense of income from services rendered and sales of production.

Summing up the reports, the President of Turkmenistan has addressed number of instructions to Vice-premier E. Orazgeldiev and heads of agricultural complex.

President Gurbanguly Berdimuhamedov has ordered to study all possibilities related to timely provision of return of received foreign loans or revision of payment terms and to prepare appropriate proposals.

The head of state has pointed out that it is necessary to ensure that industry enterprises reach their design capacity as soon as possible as well as to provide efficient operation of production structures.

President Gurbanguly Berdimuhamedov has stressed the importance of a comprehensive program for reformation of agricultural complex. It was noted that priority should be given to increment of the profitability of all sectors of agriculture and farming associations, attraction of business representatives to agricultural sector.

It is necessary to use new, effective methods of management of agricultural complex, to implement the best world practice, the head of state said, having addressed the minister with relevant instructions in this regard.

President Gurbanguly Berdimuhamedov has noted that successful implementation of large-scale investment projects in water management industry contributes to the increment of production of grain, cotton and other agricultural products and to provision of food abundance in the country, strengthening of the export potential of agricultural sector.

When attracting foreign investment, it is necessary to work out detailed feasibility studies and timing of projects, analyze their cost, ensure a high level of training of relevant workers, study the sales markets for finished products, the President continued, having given specific instructions to the heads of agricultural complex in this regard.

Further, Minister of Health Protection and Medical Industry N. Amannepesov has reported on work carried out in this area. It was reported on the measures taken to solve the tasks set to improve the system of providing medical services to the population at the level of international standards, comprehensive modernization of relevant infrastructure including by the construction of new specialized facilities.

President Gurbanguly Berdimuhamedov has stressed the importance of implementation of the State Health Program. Speaking of this, Turkmen leader has noted the need for the timely development and targeted use of significant financial resources regularly allocated by the state for the development of health care system and the medical industry, having addressed a number of relevant instructions to the minister.

Continuing the meeting, the President has addressed the heads of financial and economic complex and inquired about the steps being taken to ensure the return of the credits.

Focusing on the need to carry out appropriate work with investors to extend the period of payment of received loans, the head of state has identified the necessary measures to bring enterprises to their design capacity as a priority task.

Further, the President of Turkmenistan has listened to the reports from the leaders of this complex on these subjects.

First, Chairman of the Central Bank, M. Annadurdiyev has reported on the results of work on the return of foreign investments aimed at the development of sectors of national economy including oil and gas sector, chemical industry, energy, transport and textile complexes.

Having listened to the report, the President drew attention to the importance of taking appropriate measures together with the ministries, profile departments and banks of the country in order to fulfill the priority tasks defined in the state programs.

Noting the necessity of comprehensive work to increase the exchange rate of national currency, the head of state has focused on regulation of foreign currency transactions, expansion of banking services and improvement of the culture of customer service, strict control over the implementation of regulations when converting manat funds into foreign currency at the official rate. In this context, corresponding instructions were addressed to the Deputy Chairman of the Cabinet of Ministers, Secretary of the State Security Council Ch. Amanov.

Chairman of the State Bank for Foreign Economic Affairs R. Jepbarov has reported on implementation of the instructions of the President as well as on the measures taken to attract investments according to the Program of Development of Foreign Economic Activity of Turkmenistan for 2020-2025.

In order to increase the production of export-oriented and import-substituting products, as well as the implementation of the Turkmenistan-Afghanistan-Pakistan-India international gas pipeline project, cooperation with specialized foreign financial structures on this matter has been established.

Summing up the report, the President has noted the necessity to carry out appropriate work to strengthen productive contacts with reputable international organizations and banks.

Further, Deputy Chairman of the Cabinet of Ministers G. Mushshikov has reported on the results of analysis of use of foreign loans by ministries and profile departments, which was carried out on the instructions of the President of Turkmenistan.

The investments received in accordance with currently valid agreements from international financial organizations and foreign banks were directed to the implementation of projects, construction work and the purchase of equipment and machinery.

The vice-premier has informed the President in details about the development of loans in each industry as of March 8 of this year and the envisaged terms for return of balance of the funds.

It was also reported that comprehensive measures would continue to be taken in order to maintain the country's solvency at the international level, timely fulfillment of credit obligations by ministries and sectoral departments to foreign banks and international financial institutions.

Having listened to the report, the head of Turkmenistan noted that the activities of the heads of the structures supervised by the vice-premier, especially banks, do not meet current requirements. Speaking about the work of financial and economic complex, the head of state emphasized that currently, the privatization of state property is not being carried out at the proper level.

Focusing on the activities of the Ministry of Finance and Economy, President Gurbanguly Berdimuhamedov has stressed that this structure is entrusted with implementation of the state policy for development of private sector of the economy including small and medium-sized businesses. However, despite this fact, work in this direction is not being carried out properly.

The main measures for development of entrepreneurship are carried out by the Union of Industrialists and Entrepreneurs, the head of Turkmenistan said, having noted that the Ministry of Finance and Economy does not show sufficient activity in this matter.

The President has also stressed the importance of ensuring proper monitoring of the implementation of National Rural Program. Having stated that the rates of construction of facilities does not meet the requirements, the President ordered to analyze the reasons for the delay in construction from the target dates.

Continuing the meeting and addressing M. Annadurdyev, the Turkmen leader expressed dissatisfaction with the banks' activities.

Noting that the main task of the country's credit institutions is to maintain the stability of national currency (manat), the head of Turkmenistan drew attention to the fact that this work is not being carried out properly.

At present time, the level of fixed capital in banking sector is generally not very high, President Gurbanguly Berdimuhamedov continued pointing out the need to increase this indicator.

This measure will ensure the stability of the banking sector, will contribute to the development of service markets and increase customer confidence. At the same time, it will give impetus to strengthening effective interaction with other sectors of the economy, including through the intensification of credit activities.

The head of state has focused on the introduction of advanced technologies. In this regard, the head of the Central Bank was instructed to monitor timely implementation of planned work.

Addressing Vice-premier G. Mushshikov and heads of banks, the President identified a number of practical steps aimed at improving the activities of the country's credit institutions.

First of all, it is necessary to keep under constant control the targeted use of foreign investments, to carry out a complex of works on risks in this area in a timely manner, the head of Turkmenistan said, ordering to envisage appropriate measures to return foreign credit funds in a timely manner.

President Gurbanguly Berdimuhamedov identified a detailed analysis of feasibility studies among the key aspects of the forthcoming work on attraction of foreign investments including loans for the construction of new production facilities. The interested party - the customer, together with the lender, should consider payback periods of projects and markets for placing finished products in accordance with the established international practice.

The head of state has noted that the assessment of the activities of the heads of banks will be given based on the results of the first quarter.

Further, addressing the participants of the meeting, the President of Turkmenistan again emphasized that it is necessary not only to ensure favorable macroeconomic development but also to strengthen it. It is important to maintain the stability of national currency within established limits, the head of state emphasized.

According to the Constitution of the country, it is necessary to intensify the rates of transition to a market economy. The state should only manage the property necessary for exercising of power authorities in order to ensure the security and defense of the country.

Closure of obsolete and uncompetitive facilities, formation of an economic environment designed for introduction of new technologies were specified among the priority tasks. As a result, it is necessary to ensure that our state takes its rightful place in the world market, President Gurbanguly Berdimuhamedov emphasized.

Focusing on the mechanisms for achieving the modern level of financial, banking and credit system, the head of Turkmenistan has highlighted the provision of the availability of credit funds and improvement of the quality of financial services. This should apply not only to the economy but also to the citizens.

In this context, first of all, loans for real estate, educational and consumer credits should be envisaged, the President of Turkmenistan said.

Having demanded all leaders to work hard to increase the volume of funds received in foreign currency, to find ways to increase the volume of goods exported to other countries, the President noted that he expects for specific proposals on this issue and is ready to consider these proposals.

Continuing the meeting, the head of state noted that in order to correct the existing shortcomings, only a certain part of the tasks that have to be solved in a short time was outlined. Of course, they will not be easy to fulfill.

Unfortunately, there are still numerous issues and shortcomings in various areas that are well known to everyone, the President emphasized, focusing on the need to rigorously implementation of ongoing reforms in order to eliminate negative factors affecting the development of the country.

“Despite the difficulties, we will continue to move forward along the way of reforms. Forward and only forward! We have all the possibilities for this”, - the head of state said.

Finishing working meeting, President Gurbanguly Berdimuhamedov wished the participants good health, family well-being, and great success in their work.