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The Ministry of Finance of Turkmenistan began to formulate the state budget for 2022

The Ministry of Finance of Turkmenistan began to formulate the state budget for 2022

The Ministry of Finance of Turkmenistan held a meeting, the key topic of which was the start of formation of the State Budget and Investment Program for 2022. The heads of relevant ministries, departments and agencies, as well as representatives of the country's banking sector took part in the collective discussion of these issues. The opinion of the chief accountants of the above-mentioned structures, representatives of local authorities and other executives was also heard.

At the meeting the draft Investment Program-2022 was presented, as well as the rules of budgetary policy on revenues and expenditures were considered, the key reference points of socio-economic development of the country for the coming year were formulated. The fundamental methodological prescriptions and program guidelines for them were outlined together.

The main objective of the State Budget 2022 is to increase labor productivity, comprehensive economic development and structural reorganization. Investment resources are planned to be directed to further increase the level of well-being of the population, strengthening the share of the individual entrepreneurial sector through the formation of new vacancies and new businesses.

The main directions of socio-economic policy in the coming year are outlined: fundamental economic transformations aimed at the practical use of Turkmenistan's large-scale economic potential, productivity growth through active investment and the practical use of innovative technologies.

They discussed budgetary funding for the construction of socio-cultural and industrial facilities, development assistance for small and medium-sized businesses, the introduction of digital technologies, the implementation of major projects in the field of environmental protection, as well as the production, processing and exports of oil and gas raw materials.

The sides also discussed a set of measures aimed at increasing the volume of Turkmenistan's foreign trade turnover and achieving a positive balance through a significant increase in exports. Among the main directions of state funding are the development of intellectual capital, continuation of effective state social policy, increasing the volume of funds allocated for the development of scientific and educational sector, healthcare and culture, recreation and sports and social protection.

If the social orientation of the 2022 state budget is maintained, about 75% of state funds will be allocated for the social sphere. In this case salaries, pensions, state benefits and student scholarships will increase.

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