ADB completes financial project evaluation in Turkmenistan

By Trend

Asian Development Bank (ADB) released the Technical Assistance Completion Report (TCR) Evaluation Report on supporting the introduction of International Financial Reporting Standard 9 Financial Instruments in two commercial banks of Turkmenistan, "Rysgal" and "Senagat", Trend reports, citing the ABD.

The overall value of the project was $225,000. Disbursed funds accounted for $190,174, while $34,826 remained undisbursed due to COVID-19 related restrictions, including travel limitations.

The successful implementation of the project is expected to improve the banks’ loan loss provisioning practices, and help ensure loan valuations are fairly reflected in their financial statements, which would strengthen the two banks’ resilience to shocks.

The Technical Assistance also intended to disseminate the knowledge of these international standards to the broader banking community in Turkmenistan to support the reform efforts of the Government of Turkmenistan.