Turkmenistan has succeeded in mitigating the effects of the global financial crisis. This has been achieved owing to the Turkmen government''s prudent financial policies and the diversification of natural gas export markets, the UN News Center reports quoting a statement by the International Monetary Fund (IMF) mission that visited Ashgabat recently.

An IMF mission team, led by Peter Winglee, Deputy Division Chief in Middle East and Central Asia Department, visited Turkmenistan November 5-13 and held a number of meetings with the government of Turkmenistan.

At the end of the visit, the mission found "that the government has made substantial progress in economic reforms, especially regarding the unification of the exchange rates, supported by foreign exchange reforms, tariff cuts, and price adjustments."

The IMF experts noted that the 2009 budget, and the introduction of the Stabilization Fund and other fiscal reforms were important steps in progressively strengthening fiscal management to further safeguard the country''s financial position.

The mission welcomed banking development in Turkmenistan, and stressed the IMF''s willingness to continue the close cooperation in these endeavors.