USAID and Chevron Support Financial Reforms in Turkmenistan

PAS No 286; June 30, 2010

USAID acting country representative Erin M. Cole hands over a certificate to the course participant

USAID acting country representative Erin M. Cole congratulates a group of the course participants

Ashgabat, June 30, 2010 – Today, 28 specialists from Turkmenistan’s key economic agencies completed a month-long training program on managerial accounting, tax, and law organized by the U.S. Agency for International Development (USAID) Project for Economic Reforms to Enhance Competitiveness (EREC) with support from Chevron Nebitgaz B.V. Turkmenistan.

At the closing ceremony, USAID acting country representative Erin M. Cole noted that “an increased number of internationally-certified accounting specialists will support the Government’s efforts to introduce international accounting standards.  This in turn may result in expanded foreign investment in Turkmenistan and facilitate the country’s integration into the global economic community.”

President of Chevron Nebitgaz B.V. Turkmenistan Douglas Uchikura added “We are pleased to work in partnership with USAID to prepare more Turkmen as qualified experts in the application of international financial reporting standards.  This is yet another step to implement the initiatives of the Turkmenistan Government, under the leadership of His Excellency President Berdimuhamedov, to attract long term foreign investment for the benefit of all Turkmen.”

This program is a prerequisite for obtaining the internationally-recognized qualification of Certified Accounting Practitioner (CAP). Earlier this year the same group of participants completed and passed exams for the first course on financial accounting, also required for CAP qualification. The training participants included specialists from ten key economic agencies of the country, such as the Finance and Economics Ministries, the Tax and Statistics Authorities, and the Central Bank. Many of these specialists will play key roles in the nationwide introduction of international accounting standards that was recently announced by the President of Turkmenistan.