Erdoğan to unveil timetable of Turkish economic reforms this week


Turkish President Recep Tayyip Erdoğan will announce a new package of economic reforms, including a timetable for implementation, in a speech in Ankara this week, the Dünya newspaper reported on Monday.

The government is expected to separate the measures into two sections – reforms to guarantee macroeconomic stability and structural reforms, Dünya said. The timetable will include short, medium and long-term to-do lists, it said.

Turkey pledged steps to stabilise the economy and to bolster investor confidence in early November. Since then, newly installed Treasury and Finance Minister Lütfi Elvan has held meetings with business groups and labour unions to hear their views on what should be done. The government has yet to reveal details about its plans.

The measures will include steps to alleviate inflationary pressures on the economy, the state-run Anadolu news agency reported last week. The reforms will also help Turkey to secure upgrades to its sovereign credit rating, it said.

This week, Turkey’s parliament will legislate measures that will help companies obtain foreign financing for infrastructure projects completed under the build-operate-transfer model, Dünya said. The measures will apply to all contracts signed after March 15 last year. The government may also be a party to future borrowing agreements, the newspaper said.

Turkey’s lira has reversed a recent rally amid delays to the reform programme and after Erdoğan praised the steps taken by former Treasury and Finance Minister Berat Albayrak, who stepped down in early November. The measures included engineering a borrowing boom led by state-run banks.

The lira traded down 0.5 percent at 7.57 per dollar on Monday.



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