President Berdimuhamedov claims current crisis will be worse than in 2008 and 2014

AKIPRESS.COM - Summing up the results of the Cabinet session held on 8 May, 2020 President Gurbanguly Berdimuhamedov was satisfied with the fact that the government managed to maintain a high GDP growth rate, which amounts to 6,3%, Chronicles of Turkmenistan reports. At the same time, the head of state stated that the "global economic situation remains extremely complicated" and the authorities expect a reduction in domestic production.
According to Berdimuhamedov, the current sharp drop in oil prices can lead "to a more unfavourable situation compared to the financial crisis of 2008 and the fall in oil prices in 2014-2015".
"As in previous crises, during the sustainable economic growth the monetary policy is experiencing a shortage of funds to meet the needs", - the President said and added that the government has to significantly cut the state budget expenditures as well as the expenditures of public sector organizations and companies.
All Deputy Prime Ministers were charged with the task of putting together proposals on cutting expenditures and drawing up an amended state budget based on the results of the first six months of the year.
According to President, the savings will be spent on rendering support to small and medium size business as well as providing medical institutions with medications, personal protection items and diagnostic equipment and prompt funding of quarantine-related expenses.
The government was ordered to increase the volume of export and control prices for groceries.