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Turkmenistan to spend $1.5 billion on building city from scratch

Published 02/04/2020, 02:06 AM
Updated 02/04/2020, 02:11 AM
© Reuters.  Turkmenistan to spend $1.5 billion on building city from scratch

© Reuters. Turkmenistan to spend $1.5 billion on building city from scratch

ASHGABAT (Reuters) - Turkmenistan will import $1.5 billion worth of equipment and materials to build a new city from scratch, the gas-rich Central Asian nation's government said on Tuesday, in a project overseen by President Kurbanguly Berdymukhamedov's son.

The move contrasts with the country's overall policy of limiting imports against a backdrop of foreign currency shortages and depressed energy prices.

Serdar Berdymukhamedov, 38, the president's only son and regarded by some observers as a potential successor, became the governor of central Ahal province last year and has been tasked by his father with building a new provincial center.

This week, President Berdymukhamedov signed a decree allocating $1.47 billion toward imports of construction materials, equipment and other items needed for the new city - which has yet to be named.

The former Soviet republic's imports were forecast to reach $5.4 billion last year, according to the International Monetary Fund, whose mission also noted last November that foreign currency rationing continued in the country.

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