Turkey’s finance minister to unveil economic reforms aimed at boosting investor confidence
Turkey’s Finance Minister Berat Albayrak is set to unveil economic reforms on Wednesday as part of an effort to boost investor confidence in the country which is weathering an economic storm, independent news site T24 reported on Tuesday.
The envisaged reforms arrive as the country entered its first recession in a decade last month. The Turkish lira has lost a third of its value over the past year and inflation remains above 20 percent, resulting in Turkish firms with large foreign loans dealing with steep repayments.
Noting that Albayrak, also the son-in-law of President Recep Tayyip Erdoğan, is expected to announce a reduction in indirect taxes, measures to boost Istanbul’s reputation as an international finance hub and tweaks to agricultural policies, T24 said the reforms implementation is to take place through by-laws, legislation and legal regulations.
Minister Albayrak heads to Washington DC for talks with IMF and World Bank officials on Friday.
Erdoğan has repeatedly stated that Turkey has no intention of applying to the IMF for financial help or any assistance with economic reform.
Turkey has been trying to reassure investors rattled by the crash of the country’s currency that it would emerge stronger and has no need for an IMF bailout.