ADB Completes Financial Project Evaluation In Turkmenistan
Date
12/21/2022 12:10:01 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 21. 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.
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