Ashgabat, 20 November 2020: United Nations Development Programme (UNDP) together with the State Statistics Committee of Turkmenistan convened an online round table as part of the joint project “Strengthening institutional and statistical capacity on national accounts” on formation of the balance of assets and liabilities in accordance with the System of National Accounts 2008 (SNA 2008). Around 20 key specialists of State Statistics Committee of Turkmenistan, Ministry of Economy and Finance of Turkmenistan, Central Bank of Turkmenistan participated in the event.

The purpose of the round table is to present international experience in forming the balance of assets and liabilities in accordance with the SNA 2008 and recommendations for its formation in Turkmenistan. The balance of assets and liabilities, integrated with flow accounts, provides analysts with a broader perspective on the required information and data when monitoring and assessing economic and financial conditions.

“Asset and liability balance sheets enable economists to assess the financial position of a sector and enable the central bank to perform risk analysis. In turn, it allows to calculate widely used ratios, which are based on data at the level of various items in the balance sheet. Thus, the balance sheet of assets and liabilities is a very important report that allows economists to assess the financial situation more accurately”, emphasized Rovshen Nurmuhamedov, UNDP Assistant Resident Representative in Turkmenistan.

UNDP international expert Mr. Mihail Gordonov presented a report on the main changes and modifications in the measurement of assets and liabilities between the SNA 1993 and SNA 2008, international best practices on formation of the balance sheet of assets and liabilities in accordance with the SNA 2008, and gave recommendations for their calculation.

The roundtable participants highly appreciated the fruitfulness and usefulness of this meeting and expressed their gratitude to UNDP for this event.

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Mr. Mihail Gordonov (Russian Federation), is an international expert with over 40 years of experience in statistics. He was engaged in analytical, methodological and statistical work on fixed assets, conducting revaluation of fixed assets of commercial and non-commercial organizations, maintaining and improving forms of statistical observation on fixed assets and compiling balances of fixed assets. The Russian expert was provided by the “Russian Experts on Demand program” with the financial support of the Russian Federation.