Ashgabat, 17 August 2021: In the framework of the project “Strengthening institutional and statistical capacity on national accounts” jointly implemented by the United Nations Development Programme (UNDP) and State Statistics Committee of Turkmenistan, an online meeting on elaboration of financial account was convened.
The Round table aimed at kicking off discussions on the development of financial account and financial assets and liabilities was co-chaired by the State Committee of Turkmenistan on Statistics and gathered representatives of the Ministry of Finance and Economy of Turkmenistan, Central Bank and other commercial banks of Turkmenistan, State Insurance Organization of Turkmenistan, Ministry of Labor and Social Protection of the Population of Turkmenistan and other line ministries and entities of Turkmenistan involved in the monetary and credit transactions.
“The purpose of the round table is to present the proposal developed by an international expert for elaboration of financial account and balance of financial assets and liabilities in Turkmenistan. Building a financial account will make it possible to determine the financial condition of the economy of Turkmenistan, considering the degree of financial dependence at a global level. It will also help to identify which institutional sector of the economy of Turkmenistan has significantly influenced the current financial condition of the country” – – noted Mr. Akmyrat Danatarov, UNDP Programme Analyst for Governance, Economic Diversification, and Inclusive Growth.
During the meeting the international consultant Michael Andreasch familiarized participants with the methodological issues, data sources and compilation procedure for financial accounts in Turkmenistan. The presentation has incorporated the experience of other countries highlighting as examples the importance of banking data, the need for estimation for currency holding and compilation of trade credits using balance sheet data. “The financial accounts data, including flows and stock data, can be used indirectly for the improvement of the complete framework of national accounts. The financial stocks are the best basis to compile property income which can improve both the data on disposable income and moreover the link between disposable income and GDP” – noted Mr. Michael Andreasch during his presentation.
A joint project between the UNDP and the State Statistics Committee of Turkmenistan “Strengthening institutional and statistical capacity on national accounts” was launched in 2018 and aims at strengthening institutional and statistical capacity in the field of national accounts of Turkmenistan. The project objective is to reinforce national statistical and institutional capacity for the conceptual transition from 1993 version of the System of National Accounts (SNA) to 2008 version and to expand the scope, degree of detailed elaboration and quality of national accounts and complementary data of macroeconomic statistics.