Topic: Sustainable Economic Policy
Country: Turkmenistan
Delegate Name: Kaichen Tang
School: Grand Blanc High School
Topic page: background guide and all position papers All Turkmenistan position papers GLIMUN 2015 committees
In 2008, there was a financial crisis in the world where too much money were being borrowed. It started in the US, where they started giving out immense loans for houses that seemed unlikely to pay back, but the banks took the risk anyways. Eventually, banks all over the world with investments related to US based mortgages started losing money too. This led to countries borrowing money from other wealthier countries, weakening everyone economy. In the next paragraph, it will talk about how Turkmenistan is related to this, and how they dealt with Turkmenistan has the 4th biggest oil reserve in the world. Turkmenistan is also one of the top 10 cotton producers in the world. Relating to the 2008 financial crisis, Turkmenistan managed avoid the financial sinkhole due to it’s lack of financial debts, expansion of export markets for natural gas, and the increase in foreign currencies revenues. Turkmenistan is also very isolated and only pumps oil to Russia.
We weren’t really involved with this issue. We have kept ourselves isolated and distanced ourselves from the danger of owing debt to other countries. The best thing other countries should do too, is to stop borrowing money unless it’s very necessary. We have managed to limit our debts as small as possible, while other countries have mounted theirs, resulting in the financial crisis it put them in today. Debt is never good for a country’s growth and economy. Avoiding debt is the best advice my country can give you because that’s what we have done and we have managed to be one of the only ones that has dodged this financial crisis. Follow our lead and your country will be saved just like ours. Build a nation with small debt, be the one to stand out from all other countries.
