Thursday, October 11, 2018

Erdoğan announces Turkey’s new investment program

Turkish President Recep Tayyip Erdoğan’s public mandate on “Investment Program Preparations for 2019-2021 Period,” which prioritizes to preserve price stability while reducing inflation and to further strengthen fiscal discipline, was published in the Official Gazette on Oct. 11.
“Turkey is to implement the new economic program to preserve macroeconomic stability, raise production and welfare,” it said.
Stressing that Turkey’s main target is to save on public expenditures and to decrease inflation, the mandate added that “new projects will not be included in the 2019 Investment Program except for the compulsory cases within the scope of savings measures.”

“Projects which do not directly serve the urgent needs of our citizens and do not directly serve the added value increase in the economy will not be offered,” Erdoğan said in the mandate.
He said the increase of domestic savings, narrowing of the current account deficit, strengthening of public fiscal balance and maintaining macroeconomic and financial stability are “among the main priorities of Turkey in order to achieve balanced and sustainable growth in the economy.”

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