Turkmenistan's president approves balanced 2023 budget

ASHGABAT. Dec 7 (Interfax) - Turkmenistan's president, Serdar Berdimuhamedov, has endorsed the 2023 state budget, the governmental Neutral Turkmenistan newspaper reported.

Budget revenue and expenditure are both set at 91.118 billion manat or $27.2 billion at the current rate.

If a budget deficit does arise, it would be financed with government borrowing and/or leftover budget funds. Windfall revenues from other sources, as well as the amounts received as a result revenue exceeding expenditure, will be used as a matter of priority to pay off government debt and bank loans.

The upper chamber of Turkmenistan's parliament on November 23 rejected the draft budget passed by the lower house and asked for it to be revised due to insufficient measures to improve living standards and employment. The state budget was adopted on December 5, at a joint meeting of both houses of parliament, when it was noted that the budget is intended maintain sustainable economic growth, ensuring that investment projects are implemented and public spending is effective, as well as improving living standards.

The 2022 budget was also balanced, with revenue and spending both at 85.619 billion manat or $24.5 billion.