Turkish Treasury and Finance Minister Mehmet Simsek said Turkey’s economic program has three components, focusing on fiscal discipline, monetary tightening and structural reforms.
Simsek said on his Twitter account on Thursday that the economic program includes the restoration of fiscal discipline, that is, the reduction of the budget deficit to a level corresponding to European “Maastricht” standards, with the exception of the consequences of the earthquake that hit the south of the country on February 6.
One of the most important goals of the criteria of the Maastricht Treaty is to reduce inflation rates to a level not exceeding the average inflation rates recorded in the three countries of the European Union with the lowest inflation by more than 1.5 points, and the budget deficit does not exceed 3% of GDP.
In this context, the Turkish Finance Minister explained that the gradual tightening of monetary policy is aimed at reducing the country’s inflation rate to single digits in the medium term.
He noted that structural reforms will make Turkey’s macro-financial stability and all other achievements sustainable.
Source: Anatolia
