The World Bank (WB) and Turkmenistan are working on an interim strategy for further cooperation, a local Ministry of Finance and Economy representative told Daryo.
At this stage, the sides discuss Turkmenistan's World Trade Organisation (WTO) accession process and technical assistance for creating a common electricity market in Central Asia.
The possibility of extending COVID-19 prevention support and technical assistance in agricultural development is also being explored.
The Bank provides advisory assistance to Turkmenistan in areas such as public finance, the banking sector, transport, energy, water supply, health, and hydrometeorology.
The official website of the international financial institution says Turkmenistan has been classified as an upper-middle-income country since 2012.
It also says that foreign direct investment (FDI) remains limited apart from the hydrocarbon sector.
"Despite the growth of the private sector’s share in segments of the economy, public sector and state-owned monopolies continue to govern the economy and the formal labor market".
Bank experts believe that opening the economy, improving the business regulatory environment, accelerating the corporatization and privatization of state-owned enterprises (SOEs), and investing more heavily in human capital would be vital to boosting private sector development and achieving medium- and long-term national development goals.
Credits: Eziz Boyarov, Ashgabat