Joint Expert Group on SDG financing continue to build capacity on Financing for Sustainable Development

JEG members were acquainted with the system of public finances of Turkmenistan and plans for its reform, the results of the Development Finance Assessment (DFA) in Turkmenistan, as well as an overview of the implementation of the work plan of the JEG for 2022 and developed preliminary plans for the next year.

Representatives of the Ministry of Finance and Economy of Turkmenistan presented the public finance architecture in Turkmenistan, namely, its legal framework, crucial components, and significant stakeholders. It was noted that according to the Program of the President of Turkmenistan for socio-economic development of the country in 2022-2028, studying international experience in the field of budget and tax system, accounting and financial reporting, as well as continuously carrying out work on improving the legal framework of Turkmenistan, is among government priorities for 2022-2028 under the economy, finance and banking chapter. The government is aiming to partner with United Nations, IMF, World Bank, OECD, and other development partners to achieve its goals in these areas.

Mr. Levon Barkhudaryan, the UNDP expert on DFA, presented the results of the Development Finance Assessment in Turkmenistan and shared some outcome recommendations from the report. The expert underlined that some improvements in significant elements of the financing landscape in Turkmenistan are needed. Transparency and reliability of financial statistics and data from the budget system, introduction of medium-term budget framework, introduction of programme budgeting, setting target values for SDG indicators, linking the amount and structure of funding with national development priorities aligned with SDGs, increase the institutional capacity of government bodies and the qualifications of their employees in order to more effectively and fully implement the integrated national financing framework (INFF) for SDG financing.

Resuming the meeting, participants agreed to update the Annual Action Plan of the group, prepare inputs to the roadmap for further implementation of INFF in Turkmenistan and present them at the next meeting of the group together with the successful international experience in introducing Medium-Term Budgeting Frameworks.