Turkish parliament ratifies 2020 budget

Turkish parliament ratifies 2020 budget

Turkish parliament ratifies 2020 budget

The Turkish parliament has ratified the country's 2020 budget following a 12-day marathon session in the general assembly.

Parliament Speaker Mustafa Şentop announced in the early hours of Dec. 21 that the budget was backed by 329 lawmakers while 159 voted against it in the 600-seat chamber.

Lawmakers from the ruling Justice and Development Party (AKP) and Nationalist Movement Party (MHP) voted "yes" for the budget.

Turkey earmarked 88.5 billion liras ($15 billion) for public investment in transportation, industry, health, and education.

Expenditures were projected at 1.095 trillion liras ($0.19 trillion). Also, non-interest expenses will round up at 956.5 billion liras ($163.14 billion).

Revenues were projected at 956.6 billion liras ($162 billion) and tax revenues at 784.6 billion liras ($133 billion). The budget deficit was predicted at 138.9 billion liras (nearly $23 billion) for next year.

The government raised agricultural spending more than last year's 33.4 billion liras ($5.67 billon). Also, 22 billion liras ($3.7 billion) have been allocated for agriculture support programs.

Meanwhile, real sector support will continue into the next year with an allocation of 44.5 billion liras ($7.56 billion).

A total of 188.6 billion ($32 billion) liras will be allocated for spending on health.

The health sector remained a top priority for the government, with its budget allocation rising from 11.3% in 2002 to 17.2% in 2020.

Also, the government set a revenue target of 10 billion liras ($1.71 billion) from privatization in 2020.

President Recep Tayyip Erdoğan described the budget as a “cornerstone,” in a voice message on Twitter.

“I congratulate everyone, who exerted efforts, particularly Grand National Assembly of Turkey that conducted the budget works successfully, which I think a very important cornerstone, and our deputies, during our march towards our 2023 targets,” Erdogan said. 

“It is now time to walk through our goals much more determinedly and strongly,” he added. 

The budget is the eighteenth one by the AKP and the second after the switch to the presidential system.