Global oil price fluctuations could affect Türkiye’s Medium-Term Program (OVP), but the government is taking necessary measures to keep the program on track, Treasury and Finance Minister Mehmet Şimşek has said.
Speaking at the Participation Finance Summit at Istanbul Financial Center on May 7, he said that this year, it is highly likely that actual outcomes in areas such as inflation, the current account deficit, and the budget deficit will diverge from the growth targets.
“Our priority is to keep the program broadly on track, and we will continue to take whatever steps are necessary to achieve that,” he added.
“Despite the major global shock we are experiencing, we have never considered altering the priorities of the program,” the minister said.
Şimşek noted that Türkiye has diversified its oil and natural gas supply sources to avoid supply disruptions.
He added that the country has almost no dependence on the Strait of Hormuz for its energy needs.
Şimşek highlighted the resilience of the Turkish economy, saying the budget deficit-to-national income ratio stood at 2.9 percent last year.
Public debt-to-national income remained around 24 percent, significantly lower than many peer countries, he added.
Şimşek also said the Central Bank increased gross reserves from $100 billion to $166 billion.
He said the reserves now cover more than five months of imports, providing a strong buffer against external shocks.
The minister added that the total market value of companies listed on Borsa Istanbul recently rose from $425 billion to $516 billion.
