On Saturday, 25 November, the Mejlis of Turkmenistan’s seventh convocation convened for its fourth meeting, where the Law “On the State Budget of Turkmenistan for 2024” was unanimously adopted.
President Serdar Berdimuhamedov provided a thorough analysis and offered specific recommendations regarding the bill, which guided the Mejlis’ deliberations.
The approved budget prioritizes social welfare and economic growth, allocating significant resources to increase salaries, pensions, state benefits, scholarships, and investments in infrastructure development.
Key sectors such as oil and gas, agriculture, transportation, communications, construction, textiles, and food production will receive continued support and investment.
The budget also outlines measures to bolster entrepreneurship, small and medium-sized businesses, domestic production, and food security.
The Mejlis also approved the following draft laws and amendments:
- Resolution of the Mejlis “On the execution of the State Budget of Turkmenistan for 2022”
- The Law “On Accession to the International Convention on Civil Liability for Bunker Fuel Pollution Damage”
- Laws on Amendments and Additions to Some Legislative Acts
- Amendments and additions to the Law of Turkmenistan “On the protection of objects of national historical and cultural heritage”
Law of Turkmenistan on the state budget of Turkmenistan for 2024
(unofficial trnaslation)
Article 1
To approve the State Budget of Turkmenistan for 2024 for income and expenditure in the total amount of 102,313.5 million (US $ 29.23 billion)*, including the first-level budget for income and expenditure in the total sum of 32,865 million (US $ 9.39 billion).
Article 2
To approve the Centralized budget of Turkmenistan for 2024 for income and expenditure in the total amount of 91,544.7 million manat (US $ 26.15 billion), including the first-level budget for income and expenditure in the total amount of 22,096.2 million manats (US $ 6.31 billion).
Article 3
Establish standards for deductions from national taxes to the budgets of the city of Ashgabat, Arkadag city and provinces for 2024 in the following amounts:
| From value added tax | From income tax | From subsoil use tax | |
| Ashgabat city | 1.4% | 1.4% | 1.4% |
| Arkadag city | 100.0% | 100.0% | 100.0% |
| Ahal Province | 90.0% | 90.0% | 90.0% |
| Balkan province | 28.0% | 28.0% | 27.0% |
| Dashoguz province | 100.0% | 100.0% | 100.0% |
| Lebap province | 100.0% | 100.0% | 100.0% |
| Mary province | 87.0% | 87.0% | 88.0% |
Article 4
To allocate in 2024 from the Centralized budget of Turkmenistan allotments to the provinces in the amount of 2,986.2 million manat (US$ 0.85 billion) to ensure the balance of their budgets, including:
Arkadag city – 211.3 million manat (US $60.3 million)
Dashoguz province – 1,685.4 million manat (US $ 481.5 million)
Lebap Province – 1,089.5 million manat (US $ 311.3 million)
Article 5
To approve local budgets in the amount of 13,755.0 million manat (US $ 3.93 billion), including the budgets of the city of Ashgabat, Arkadag city and provinces in the following amounts:
Ashgabat city – 2,443.1 million manat (US $ 0.69 billion)
Arkadag city – 236.7 million manat (US $ 0.067 billion)
Ahal province – 1,658.9 million manat (US $ 0.47 billion)
Balkan province – 1,538.7 million manat (US $ 0.44 billion)
Dashoguz province – 2,478.5 million manat (US $ 0.70 billion)
Lebap province – 2,781.1 million manat (US $ 0.79 billion)
Mary province – 2 618,0 million manat (US $ 0.75 billion)
Article 6
The wages, pensions, state benefits and student allowances are the protected items of expenditures of the State Budget of Turkmenistan.
Article 7
To establish that in the case of the occurrence of a budget deficit, sources of funding are funds from government borrowing and (or) resulting balances of budgetary funds in accordance with the legislation of Turkmenistan.
To establish that additional revenues coming to the State Budget of Turkmenistan in 2024 from other sources, as well as the amount of excess of income over expenses, shall be allocated in priority order to pay off debts on bank loans, to finance areas of ensuring sustainable socio-economic development of the state.
Article 8
To prescribe the Ministry of Finance and Economy of Turkmenistan to make the necessary refinements in the State Budget of Turkmenistan indicators for 2024 arising from the laws of Turkmenistan, decrees, orders and resolutions of the President of Turkmenistan, and also allocate, when necessary, funds saved from expenditure in the implementation of Centralized and Local budgets, for other items of expenditure.
Article 9
To establish that if pension contributions for compulsory state pension insurance are received in excess of the stipulated plan for the budget revenues of the Pension Fund of Turkmenistan, payment to the Pension Fund of Turkmenistan may be made in excess of the established State Budget expenditure plan.
President of Turkmenistan
Serdar Berdimuhamedov
Ashgabat, 25 November 2023
*Turkmenistan Central Bank exchange rate US $ 1 = Manat 3.50 /// nCa, 27 November 2023
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