Project financing and loan repayment issues discussed at government meeting

17:46 12.03.2021 1219

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 President Gurbanguly Berdimuhamedov on Thursday held a working meeting with the participation of the Vice-Chairmen of the Cabinet of Ministers, members of the State Security Council, as well as heads of a number of ministries and sectoral departments.  The main topic of the meeting was issues related to credit financing of large projects in various sectors of the national economy, further improving the efficiency of enterprises in the country.

 During the meeting, the President focused on issues related to improving the activities of the oil and gas complex.  In this regard, it was noted that one of the priorities was the rational use of natural gas for the production of gas chemical products with high added value.

 For this purpose, in recent years, this complex has attracted foreign loans in the amount of over 8.8 billion US dollars.  So far, 93% of them have been used, Gurbanguly Berdimuhamedov said, noting the importance of timely repayment of loans and bringing the enterprises built due to their attraction to the design capacity.

 The President heard reports from the heads of the oil and gas complex on the fulfillment of tasks to modernize the production structures of the fuel and energy complex and the return of credit funds.

 State Minister – Chairman of the State Concern «Turkmengas» B. Amanov reported on the state of work in industry structures and measures for the timely return of foreign loans.  The concern plans to return their balance at the expense of funds received on accounts from the sale of additional volumes of natural and liquefied gas, sulfur, ECO-93 gasoline on foreign markets.  Efforts are being made to pay off all debts this month.

 The President drew attention to the need to take prompt measures to resolve this issue by the State Concern «Turkmengas».  In particular, it was necessary to modernize the production facilities of the concern, actively introduce modern technologies and a digital system into the activities of its structures.

 Chairman of the State Concern «Turkmennebit» G. Baygeldiev reported on the state of affairs in the entrusted structures.  It was reported on the steps taken to gradually repay foreign loans raised to finance the contract for the purchase of oil and gas equipment.  It was noted that the return of their balance was carried out as scheduled, in order of priority.

 As the head of the state emphasized, in order to timely return the attracted loans, it was necessary to increase the production capacity of enterprises, improve their work.  Every effort should be made to bring industry enterprises to their design capacity.  This would make it possible to successfully solve the problems of timely repayment of loans, help to increase labor productivity, increase the export potential of the concern, the President noted, demanding from the head of the SC «Turkmennebit» to exercise strict control in this area.

 Chairman of the State Corporation «Turkmengeology» M. Rozyev reported on measures to increase labor productivity in subordinate structures and ensure timely repayment of loans.

Having heard to the report, the head of Turkmenistan noted that when attracting foreign investments, as well as credit funds for creating new complexes in the structures of the State Corporation, special attention should be paid to determining and agreeing on the maturity dates.  In order to repay loans on time, it was necessary to increase the production capacity of enterprises, to establish their efficient operation, using advanced experience and digital technologies.

 During the meeting, the Prosecutor General of Turkmenistan B. Atdaev reported on the results of the prosecutor's check carried out on the instructions of the head of the state in the structures of the fuel and energy complex.  In this regard, it was reported on the identified individual shortcomings in the context of effective development and timely repayment of attracted foreign loans.

 The President instructed the Prosecutor General to regularly supervise the timely return of credit funds and investments in the structures of the fuel and energy complex, to ensure the legality of their activities.

 As noted, in order to increase the productivity of the fuel and energy sector, its capacities should be used to the maximum, for which it was necessary to modernize the work of research institutes in the structure of the fuel and energy complex, train highly qualified personnel, and increase international cooperation in this area.

 It was necessary to analyze in detail these issues concerning the expansion of mutually beneficial cooperation with reliable foreign partners, a systematic approach to work, the head of the state said, having addressed the relevant instructions to Vice-Chairman of the Cabinet of Ministers, Chairman of the Supreme Control Chamber S. Berdimuhamedov.

 Then the Vice-Chairman of the Cabinet of Ministers Sh.Abdrakhmanov, in charge of the fuel and energy industry, acted.  He reported on the state of affairs in the subordinate structures, the implementation of investment projects, as well as on the steps taken to timely repay foreign loans received by the oil and gas complex.

 As the President noted, the timely return of foreign credit funds was the key to the development of constructive international cooperation.  This requires bringing enterprises to their design capacity and modernizing industrial structures.  The head of the state demanded from Vice-Chairman to keep those issues under control.

 The President also noted the need to accelerate the pace of construction of new gas chemical complexes by attracting direct investments in joint ventures.  It was necessary to prepare a detailed feasibility study when attracting foreign capital, including loans for the construction of modern production facilities, the head of the state noted, instructing to analyze the self-sufficiency of projects, to study the sales markets for finished products.  In this regard, the importance of improving the professional qualifications of specialists was noted.

«The oil and gas complex is the main source of replenishment of the central budget and foreign exchange reserves of the state.  These funds are directed to the socio-economic and industrial development of the country, ensuring food security, improving the well-being of the population», - the President mentioned.

 Therefore, all specialists, scientific and auxiliary personnel, heads of the fuel and energy complex should make a worthy contribution to the development of the fuel and energy complex, Gurbanguly Berdimuhamedov said, and gave specific instructions in this regard.

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