Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek announced a new “Public Savings Plan” on May 13 at a joint briefing. (Photo: AA)
In a bid to curb surging inflation and restore fiscal discipline, Türkish Finance Ministry unveiled an extensive savings plan aimed at reining in public spending.
Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek announced a new “Public Savings Plan” on May 13 at a joint briefing.
The savings plan comes as Türkiye grapples with an annual inflation rate that soared to 69.8 percent in April, with forecasts indicating a potential peak of 75-76 percent in May.
The measures outlined in the plan include pausing new vehicle purchases and rentals by public institutions for three years, as well as halting the construction of new government buildings.
Finance Minister Simsek emphasized the importance of directing investments towards effective areas while accelerating structural reforms and improving public finances.
Significant savings are also expected in public sector employment, energy, waste management, and communications, although specific figures were not provided.
The savings plan, expected to yield approximately 100 billion Turkish Lira in savings reflects Türkiye’s commitment to restoring investor confidence through fiscal management.
The implementation and monitoring of these measures will be overseen by the Ministry of Treasury and Finance, with new mechanisms established for accountability. The Presidency will have the authority to enforce administrative penalties and fines, ensuring compliance across all levels of government.
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