Turkmenistan approves $ 14.6 bn budget for 2005

Oct 12, 2004 02:00 AM

President Niyazov approved the annual budget for 2005 that had already been discussed and recommended by the parliament of Turkmenistan.
The size of the first-ever balanced budget of Turkmenistan is 76,249.1 bn manats ($ 14.66 bn at official exchange rates.) This includes first level income and expenses of 17998.3 bn manats.

Turkmenistan works on a two-tier budget because of the fact that some state organizations, mostly in the oil and gas sector, work outside the orbit of the central financial system, maintaining their own accounts and managing their own funds.
First level budget consists of revenues from taxation and expenses on public welfare and social security while the second level encompasses all state entities.

Although Ashgabat and all the provinces are supposed to maintain their budgets from their own sources, the centre has set aside 3,044 bn manats to help balance their budgets.
The government would continue to provide free electricity, gas, water and salt and subsidized transportation, housing, healthcare and other social and public services in 2005. For this purpose, 1526.1 bn Manats have been earmarked in the budget.

Source: nCa
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