The International Monetary Fund has welcomed the significant progress made by Turkmenistan last year in transforming the national economy, “especially, the effective management of the new currency regime”. This was a statement to the press on the eve of the visit to Ashgabat of the IMF mission, led by Valeria Fitchera. The purpose of the visit was to prepare the traditional annual review of the national economy.

“These steps followed last year''s unification of exchange rates, the successful introduction of the denominated national currency in early 2009, measures to strengthen the banking system and the creation of stabilization fund”, - said Valeria Fitchera.

According to the IMF, “initiated recent fiscal reforms and prudent macroeconomic policies have helped the authorities to protect Turkmenistan from the effects of the global economic crisis”.

“These well-prepared reforms are key steps of Turkmenistan on the path to further economic and financial development and beneficial integration into the international economy”, - the document says.

According to Valeria Fitchera, the IMF mission “expressed support for an agenda of reform” in Turkmenistan, “welcomed the plans put forward by the authorities to further reform the financial sector, as well as the development of the private sector”.