Government-by-Government Assessments: Turkmenistan
During the review period, the government published aggregate revenue data online in its state-run newspaper, but budget documents and information on debt obligations were not made public, including for state-owned enterprises. Publicly available budget information was not complete and did not include government revenues from natural resources. Information on the government’s off-budget stabilization fund was not publicly available. Given the lack of availability of budget documents, the budget’s reliability cannot be assessed. The supreme audit institution did not meet international standards of independence and did not make its reports publicly available despite purportedly reviewing the government’s financial statements. The laws and regulations for allocating licenses and contracts for natural resource extraction did not fully detail the conditions and procedures for issuing licenses and contracts. Therefore, it was unclear if the laws and regulations were followed in practice. Basic information on natural resource extraction awards was not always publicly available. The sovereign wealth fund did not disclose its source of funding and general approach to withdrawals. Turkmenistan’s fiscal transparency would be improved by:
* making budget documents publicly available within a reasonable period of time;
* making information on debt obligations, including for state-owned enterprises, publicly available within a reasonable period of time;
* ensuring budget documents are substantially complete and reliable;
* ensuring the supreme audit institution meets international standards of independence;
* making supreme audit institution reports publicly available;
* fully outlining the criteria and procedures for allocating natural resource extraction licenses and contracts in law or regulation;
* following applicable natural resource extraction laws and regulations in practice;
* making basic information on natural resource extraction awards publicly available; and
* disclosing the wealth fund’s source of funding and general approach to withdrawals.
Source: U.S. Department of State, Bureau of Economic and Business Affairs
