27 Nov 2023 15:39

Turkmenistan passes balanced budget for 2024

ASHGABAT. Nov 27 (Interfax) - Turkmen President Serdar Berdimuhamedov has signed the 2024 state budget, with revenue and expenditures of 102.314 billion manat or $29.2 billion each.

The document was published on Monday in the government newspaper Neutral Turkmenistan and in other national media.

Central budget revenue and expenditure, used to finance national programs and public administration, amounted to 91.544 billion manat or $26.1 billion.

Protected state budget expenditures include wages, pensions, state benefits and grants.

In the event of a budget deficit, sources of financing will be government borrowing and (or) leftover budget funds in accordance with Turkmenistan's legislation.

Windfall revenue from other sources, as well any surplus revenue over expenses, will be used primarily to pay off debts on bank loans and ensure sustainable socio-economic development.

The country's parliament passed the budget unanimously on November 25. Revenue and sending are both 7.196 billion manat or $2 billion higher than in the 2023 budget, which was also balanced when adopted.

The president endorsed the 2023 budget with revenue and spending of 95.118 billion manat or $27.2 billion each at the beginning of December 2022. The central bank exchange rate is unchanged from then at 3.5 manat/$1.