Economy

Turkey to 'resolutely' continue fiscal discipline

Ankara vows to reach 2018 budget targets, says finance minister

24.05.2018
Turkey to 'resolutely' continue fiscal discipline

By Deniz Cicek

ANKARA

Turkey will "resolutely" continue its fiscal discipline, Finance Minister Naci Agbal said on Thursday.

"We are resolute in achieving our 2018 budget targets. In this regard, we will take necessary steps," Agbal told Anadolu Agency.

In 2017, Turkey's budget deficit/GDP ratio was around 1.5 percent, which was below the targets noted in the country's medium-term program.

According to the medium-term program, the budget deficit/GDP ratio target is 1.9 percent this year, 1.8 percent next year and 1.6 percent in 2020.

"Our main target is the continuation of public finance in accordance with the financial discipline in the medium term. Fiscal policy will support the monetary policy. For this, we will establish a tight fiscal policy," the minister said.

He added the government will not make taxational adjustments that cause inflation.

"We recently made adjustments to increase budget expenditures. We will take downward and balanced measures for the public expenditures to compensate this increase in spending," Agbal said.

The minister also said the government will increase the performance of tax revenues for the financial discipline, adding: "For this purpose, we will review all tax exemptions, exemptions and deductions."

Agbal said struggle with the informal economy will be one of the government's "most important" priorities.

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