President Gurbanguly Berdimuhamedov signed the law on the State Budget of Turkmenistan for 2020, according to which the revenue side of the budget was approved in the amount of 84 billion 391.7 million manats and the expenditure in the amount of 84 billion 291.7 million manats. Thus, budget revenues exceed expenses by 100 million manat.
The law establishes that the protected items of the state budget of Turkmenistan are salaries, pensions, state benefits and scholarships.
Last Saturday, deputies of the Mejlis of Turkmenistan unanimously adopted the law "On the State Budget of Turkmenistan for 2020" during the eighth meeting of the Mejlis of the sixth convocation. Then it was noted that the revenue side of the budget was formed mainly due to such important industries as oil and gas, chemical, electric power, construction, etc. The agro-industrial complex, transport and communications, textile and food industries will also receive their further intensive development.
The steady growth of budget revenues will be ensured by the implementation of large-scale government programs in the field of industrialization, the integrated development of regions, increasing the volume of production of import-substituting and export products, and strengthening the private sector of the economy.
A significant part of the state budget expenditures goes to the development of the social sphere and financing of the social security system. A substantial investment is provided for the implementation of large-scale national projects and programs, including the transformation of the countryside, the implementation of the urban development program in the capital and in the regions of the country, and the construction of important social and cultural facilities.
According to the decree of the President of Turkmenistan, in the State Budget 2020 funds are planned to increase by 10 percent the wages of workers, pensions and state benefits, scholarships for students and students.