On February 7, President Serdar Berdimuhamedov held an extended meeting of the Cabinet of Ministers, during which the results of economic sectors' activities for 2024 were summarized, and reports from deputy prime ministers, heads of several ministries, and regional governors were heard. The agenda also included prospective tasks for the country's socio-economic development in 2025 and personnel issues.

The extended meeting of the Cabinet of Ministers was attended by the heads of the Mejlis, members of the State Security Council, governors of regions, the cities of Ashgabat and Arkadag, rectors of higher educational institutions, heads of mass media, and other officials.

After announcing the agenda, the head of state gave the floor to Deputy Chairman of the Cabinet of Ministers H. Geldimyradov, who reported on the macroeconomic indicators of the national economy for 2024.

As reported, as a result of comprehensive measures taken, GDP grew by 6.3 percent last year. In the industrial sector, this figure increased by 1.5 percent, in construction by 11 percent, in the transport and communications sector by 7.2 percent, in trade by 10.1 percent, in agriculture by 5.3 percent, and in services by 8.6 percent.

Compared to 2023, total production output increased by 12.1 percent in 2024. Positive production indicators were achieved across economic sectors. The volume of retail trade grew by 13.1 percent compared to the previous year.

Wages at large and medium-sized enterprises increased by 10.6 percent compared to 2023. During this period, salaries, pensions, state benefits, and student scholarships were fully and timely financed.

The investment plan for 2024 was fully implemented using all sources of financing, showing a 9.1 percent increase compared to 2023.

A report was also presented on the progress of the Presidential Program for the Socio-Economic Development of Turkmenistan for 2022–2028.

Continuing the meeting, the deputy prime minister reported on the draft Program for Turkmenistan’s Socio-Economic Development and Investments in 2025, developed in cooperation with ministries, sectoral agencies, and local administrations of the regions, as well as the cities of Ashgabat and Arkadag.

The document, based on the seven-year Presidential Program and the State Budget for the current year, outlines expected macroeconomic indicators, production plans across all sectors, forthcoming tasks, socio-economic development indicators, and investment volumes for the regions, Ashgabat, and Arkadag. Additionally, it includes measures for implementing an active investment policy, steadily increasing public incomes, and further improving the social and living conditions of Turkmenistan’s citizens.

Addressing the meeting participants, the head of state emphasized that, to ensure the successful implementation of the Presidential Program for 2022–2028, the draft Program for the Socio-Economic Development of Turkmenistan and Investments in 2025 was prepared. According to this Program, the GDP growth rate is projected to remain at 6.3 percent this year, ensuring the stable development of economic sectors and regions, fully utilizing production enterprises, creating more than 3,000 new jobs through the construction of new facilities, and increasing foreign trade turnover to 20 billion US dollars.

Furthermore, plans include promoting small and medium-sized businesses and increasing the private sector’s share in GDP to 71.6 percent. By raising wages, pensions, state benefits, and student scholarships by 10 percent, the income levels of the population will be increased, and the social and living standards of Turkmenistan’s citizens will be improved.

Additionally, 40 billion manats will be allocated to the national economy from all sources of financing.

In this regard, the head of state signed a Resolution "On the Approval of the Program for the Socio-Economic Development of Turkmenistan and Investments in 2025."

Addressing Deputy Prime Minister H. Geldimyradov, President Serdar Berdimuhamedov emphasized the need for relevant work to ensure the successful implementation of the tasks outlined for 2025 within the framework of the 2022–2028 Development Program.

The importance of continuing effective efforts to strengthen the national economy's foundation, establish new production facilities through the introduction of innovative technologies across all sectors, and increase the private sector’s share in the economy was also underscored.

The President of Turkmenistan highlighted the need for systematic work to increase the revenue side of the State Budget and ensure the targeted use of expenditures, emphasizing that banking institutions should continue financing projects within state programs.

The head of state also instructed to continue providing loans for the development of private enterprises and entrepreneurship, as well as preferential loans for improving housing conditions for the population. Additionally, the range of digital banking services and electronic payment systems should be expanded.

Furthermore, measures should be taken to provide effective financial support for economic development and maintain the stability of the national currency.

Source: State Information Agency of Turkmenistan