Turkey to unveil economic measures against coronavirus

Turkey to unveil economic measures against coronavirus

ANKARA - Anadolu Agency
Turkey to unveil economic measures against coronavirus

Alamy Photo

Turkey will unveil measures to reduce the economic impact of the coronavirus outbreak this week, the treasury and finance minister said on March 16.

"President Recep Tayyip Erdoğan will announce steps to be taken this week," Berat Albayrak said on Twitter.

Albayrak stressed that the country prioritized being prepared for the effects of coronavirus outbreak on the economy.

Turkey has taken measures to prevent markets from failing in access to liquidity due to the virus, he said, adding: "Turkey is more prepared, cautious than ever regarding possible global turbulence."

For this purpose, the ministry has worked in coordination with non-governmental organizations and sector representatives such as Turkish Union of Chambers and Commodity Exchanges (TOBB), Turkish Exporters' Assembly (TİM), Turkey's Foreign Economic Relations Board (DEIK), Confederation of Turkish Tradesmen and Craftsmen (TESK), Turkish Industry and Business Association (TUSIAD) and Turkey's Independent Industrialists' and Businessmen's Association (MUSIAD).

"Our country can overcome such processes easily thanks to its strong production infrastructure, low indebtedness, qualified and trained labor force, and a dynamic domestic market," the finance minister said.

$2.3 bln budget surplus

Turkey’s central government budget balance posted a 14 billion Turkish Liras (some $2.3 billion) surplus in the January-February period, the Treasury and Finance Ministry announced on March 16.

The country’s budget revenues totaled 208.3 billion Turkish liras ($34.7 billion) in the first two months of this year, rising 27 percent from same period last year.

Budget expenditures rose 10.6 percent to hit 194.2 billion Turkish liras ($32.4 billion) – marking a 14 billion Turkish liras (some $2.3 billion) surplus.

The budget balance, excluding interest payments, saw a surplus of 41.6 billion Turkish liras ($6.9 billion) in January-February.

Official figures showed that tax revenues surged 22.9 percent to 139.1 billion Turkish liras ($23.1 billion), while interest payments were 26.9 billion Turkish liras ($4.5 billion) over the same period.