Fiscal Policy
The budget making process and its implementation goes according to the Law “On Budget System”. The law fixes legal foundations of organizing management and operating budget system, regulates interrelations between budgets of all levels. The Government of Turkmenistan discusses the State budget draft and submits it to the President of Turkmenistan. Prior to one month of the beginning of the financial year the President of Turkmenistan submits to the Medjlis of Turkmenistan (Parliament) the State budget draft for consideration and adoption Budget statistics are unreliable because the government spends large amounts of extra-budgetary funds. In 2004 official expenditures totaled US$3.05 billion, and revenues totaled US$3.05 billion, creating a balanced budget. The government also reported a roughly balanced budget for 2005, at an undisclosed level of revenue and expenditure. In an effort to increase revenues, the tax code was streamlined in 2004.
Read more about this topic: Economy Of Turkmenistan
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“We are apt to say that a foreign policy is successful only when the country, or at any rate the governing class, is united behind it. In reality, every line of policy is repudiated by a section, often by an influential section, of the country concerned. A foreign minister who waited until everyone agreed with him would have no foreign policy at all.”
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