Turkmenistan’s economy had boomed until 2015, supported by high energy prices and gas exports, and the government awarded megaproject contracts for new factories and highways. After energy prices crashed and Russia, one of the two main gas buyers, halted all purchases from Turkmenistan, foreign contractors started complaining about non-payments. Turkmenistan completes its section of TAPI pipelineTurkmenistan’s foreign ministry, which handles media relations on behalf of the government, did not reply to requests for comment on the lawsuits. Persistent foreign currency shortages, caused by a drop in export revenue, have prompted many international businesses, which had previously flocked to Ashgabat, to stay away. On the black market – the only place where one can realistically buy foreign currency – the greenback trades at 18.6 manat per dollar.

Source: The Express Tribune April 17, 2019 16:30 UTC