Turkey to restructure 101 billion liras in social security debt

Turkey’s government received 2.25 million applications to restructure 101 billion liras ($11.6 billion) in debt to the social security institution, Dünya newspaper reported.

The government is expecting more applicants ahead of a deadline of Aug. 31, Dünya said on Tuesday. Repayments will begin on Nov. 1.

Turkey is seeking to collect the dues to help meet budget targets and to boost the economy as the COVID-19 virus abates.

Citizens in arrears can pay the debt over as many as 18 bimonthly instalments. The government has cancelled all fines and interest due on the arrears and the amount to be repaid will be calculated based on 90 percent of producer price inflation, Dünya said.

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