Joint Experts Group discuss ways of financing sustainable development

The JEG members learned about international experience and available tools to finance sustainable development including through emerging stock market in Turkmenistan.

Following the opening remarks by Mr. Atajan Atayev, representative of the Ministry of Finance and Economy of Turkmenistan (chair of the group), Mr. Maksat Keshiyev, representative of the UN Resident Coordinator Office in Turkmenistan presented the main highlights from Financing for Sustainable Development Report 2022 “Bridging the Finance divide” produced by the Inter-Agency Task Force on Financing for Development. The 2022 report assesses the progress in implementation of the Financing for Development Outcomes and analyzes the global economic environment and its implications for sustainable development, sustainable finance and risk-informed development. The report also reviews developments in the seven action areas identified in the Addis Ababa Action Agenda of the Third International Conference on Financing for Development, including the issues related to data.

Mr. Nurgeldi Meredov, General Director of Ashgabat Stock Exchange, presented the emerging stock market in Turkmenistan as an alternative instrument for financing sustainable development. Members of the group welcomed the guest speaker and stressed the importance of further continuous exchange of ideas and brainstorming regarding the contribution of alternative finance instruments to sustainable finance and SDG financing in Turkmenistan.

Mr. Levon Barkhudaryan, UNDP International Expert on Development Finance Assessment (DFA), presented the progress made in implementation of DFA in Turkmenistan. It was reported that the active involvement of the government in integration of SDGs into national strategic documents and programmes, stable political and macroeconomic environment, large amount of hydrocarbon resources, growth of exports, positive trade balance, low level of government debt would support successful implementation of SDGs in Turkmenistan. The lack of accessible disaggregated economic and financial data was mentioned as a potential bottleneck to the assessment of SDG implementation, and particularly the financing of SDGs.

Representative of the International Aid Transparency Initiative (IATI) Secretariat, Anna Whitson, introduced IATI to the audience and shared some concrete examples of how the data sets and tools established by the initiative could be used to inform analysis and diagnostics exercises, such as DFA. Members of the group, as well as guests of the meeting expressed their interest in in-depth learning of capacities and functionalities of IATI products. Madame speaker shared Turkmenistan’s example from the datasets, and agreed to provide more information and clarification upon request.

In conclusion, the meeting participants agreed to follow the Annual workplan of the Group and cover other elements of the country’s financing landscape, such as the insurance market, during the next meetings.