Economy, Latest on coronavirus outbreak

Turkey: Government, banks to cushion coronavirus impact

Lenders join fight against pandemic by postponing loans and easing access to finance, say business leaders

Gokhan Yildiz   | 24.03.2020
Turkey: Government, banks to cushion coronavirus impact

ISTANBUL 

The Turkish government and finance sector are working to cushion the impact of coronavirus on the economy, the head of Turkey's Foreign Economic Relations Board (DEIK) said Tuesday.

State and private lenders joined the fight against the pandemic by postponing loans and easing accessing finance, Nail Olpak told Anadolu Agency.

"We’re witnessing new developments and situations every day, and for this reason, we're experiencing a dynamic process," he said.

He added: "However, under the leadership of our President [Recep Tayyip Erdogan], our economic administration takes quick measures for our citizens and the business world."

Erdogan last week announced several measures to protect the country's economy, such as tax breaks, employment support, and loan deferment.

Berat Albayrak, the finance and treasury minister, also unveiled a support package on Tuesday for tax postponements.

The novel coronavirus emerged in Wuhan, China last December and has spread to at least 169 countries and territories.

The global death toll has surpassed 17,000, with over 395,000 cases confirmed, according to U.S.-based Johns Hopkins University.

*Writing and contributions by Gokhan Ergocun

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