World Economy

Turkmenistan to Issue Bonds

Turkmenistan to Issue BondsTurkmenistan to Issue Bonds

Turkmenistan is set to begin issuing government bonds for the first time, state television reported, as the hydrocarbon-rich Central Asian country grapples with the impact of plunging commodities prices, Arab News reported. Turkmen President Gurbanguly Berdymukhamedov signed off on a resolution “on the issue, sale and redemption of government bonds” and ordered the government to make appropriate changes to legislation. The report did not specify when the government expects to begin issuing the five-year bonds. But an opposition-run media outlet speculated the bonds will be used to pay salaries of state workers including teachers, as the government struggles to cope with the loss of revenue due to low prices for its oil and gas exports.