Washington, DC: The Executive Board of the International Monetary Fund (IMF) has considered a report by the Managing Director on Turkmenistan's observance of its obligations under Article VIII, Section 5 of the IMF's Articles of Agreement, which requires member countries to provide data necessary for the IMF's activities.
The Board found that Turkmenistan has not provided key required data, including information on
international reserve assets, official holdings of gold and foreign exchange, and a complete balance of payments.
It concluded that the continued non-provision of data could not be explained by a lack of capacity and therefore constitutes a breach of Turkmenistan's obligations under Article VIII, Section 5.
The Executive Board called on Turkmenistan to adopt specific remedial measures and will meet again within 6 months to consider Turkmenistan's progress in implementation.
The Executive Board remains hopeful that this process will encourage the Turkmenistan authorities to strengthen their provision of required data to the Fund, thereby enhancing surveillance, supporting more effective policy formulation, and strengthening engagement with the IMF.
