Government-by-Government Assessments: Turkmenistan
During the review period, budget documents and information on debt obligations were not made public, including for state-owned enterprises. The government published aggregate revenue data online in its state-run newspaper. Publicly available budget information was not complete and did not include government revenues from natural resources. Information on the government’s off-budget stabilization fund was not publicly available. The supreme audit institution did not meet international standards of independence and did not make its reports publicly available despite purportedly reviewing the government’s financial statements. The government did not fully specify in law or regulation the procedures for awarding natural resource extraction licenses and contracts. It was unclear if the laws and regulations that do exist were followed in practice. Basic information on natural resource extraction awards was not always publicly available. The sovereign wealth fund did not have a sound legal framework or disclose its source of funding and general approach to withdrawals.
Turkmenistan’s fiscal transparency would be improved by:
- Making budget documents publicly available within a reasonable period;
- Making information on debt obligations, including for state-owned enterprises, publicly available within a reasonable period;
- Ensuring budget documents are substantially complete and reliable;
- Ensuring the supreme audit institution meets international standards of independence;
- Making supreme audit institution reports publicly available;
- Fully outlining the criteria and procedures for allocating natural resource extraction licenses and contracts in law or regulation;
- Following applicable natural resource extraction laws and regulations in practice;
- Making basic information on natural resource extraction awards publicly available; and
- Establishing a sound legal framework for the sovereign wealth fund and disclosing its source of funding and general approach to withdrawals.