IMF Flags Turkmenistan's Violation of Data-Reporting Obligations

Turkmenistan has breached its obligations to the International Monetary Fund by failing to provide key data necessary for its operations, the IMF Executive Board concluded on September 11. According to the board's statement, Ashgabat did not submit information on international reserve assets, official gold and foreign exchange holdings, and a complete balance-of-payments account. The board specifically noted that the non-submission of data "cannot be explained by lack of technical capacity."

The board also stated that it would revisit the question of remedying the violations within six months. On October 28, Turkmenistan's Deputy Foreign Minister Akhmet Gurbanov and Anna Bordon, head of the IMF mission to Azerbaijan and Turkmenistan, held a meeting in Ashgabat. Turkmenistan's Foreign Ministry, in its statement about the meeting, did not mention the board's September decision, saying only that the parties discussed "prospects" for further cooperation.

In June, the IMF forecast that Turkmenistan's economic growth this year would slow to approximately 2.4%, reflecting what the fund assessed as capacity constraints in the hydrocarbon sector and persistent structural inefficiencies tied to the state's large role in the economy. Turkmenistan, estimated to hold the world's fourth-largest proven natural gas reserves, does not have an active credit programme with the fund.