Finance Minister Şimşek Focuses on Reducing Current Account Deficit

Minister Şimşek Announces Plan to Reduce Current Account Deficit

Minister of Treasury and Finance Mehmet Şimşek has revealed plans to provide strong support to the production of high-tech products in an effort to reduce the current account deficit. The announcement comes following the Central Bank’s unveiling of the new Investment Committed Advance Loan Program, which focuses on technological and strategic investments.

The program, which is set to allocate a limit of 300 billion TL over three years, with an annual limit of 100 billion TL, has been met with approval from Minister Şimşek.

In a statement, he emphasized the importance of the program and expressed the government’s commitment to supporting the production of high-tech products that contribute significantly to foreign trade. The ultimate goal is to permanently reduce the current account deficit.

During the process, the Ministry of Industry and Technology will assess the technical competence, while the banks will examine the financial feasibility. The final decision on the allocation of funds will be made by the Central Bank.

The announcement comes at a crucial time for the Turkish economy and is expected to have a positive impact on the country’s trade balance.

For more details on Minister Şimşek’s announcement, watch the video below.

 

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