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Minister Şimşek Aims to Reduce Inflation to 21 Percent this Year

Treasury and Finance Minister Mehmet Simsek outlined the achievements of the economic program implemented by the government in a speech at the AK Party Headquarters in Ankara. Simsek highlighted the goal of the program to improve the country’s welfare, and noted that since its implementation, reserves have reached record levels. He emphasized that exchange rate-protected deposits have increased from $144 billion to $30 billion.

Addressing the budget deficit, which was impacted by recent earthquakes, Simsek acknowledged the high deficit but assured that measures will be taken to control it in the upcoming year. He also mentioned the significant expenditure discipline exercised in the public sector, with a focus on redirecting resources towards education, health, infrastructure, and social assistance rather than interest payments.

Inflation reduction was another key point in Simsek’s speech, with a target to bring it down from 44 percent last year to 21 percent this year. He emphasized the importance of supply-oriented policies in tackling inflation and boosting economic stability.

Simsek also discussed housing programs and initiatives aimed at increasing housing supply, particularly in earthquake-affected areas. He announced plans to build 250 thousand social housing units with support from the budget, in addition to the reconstruction of earthquake zones.

Regarding food supply chain management, Simsek highlighted the importance of investments in irrigation and logistics to ensure efficient and cost-effective distribution from farm to consumer. Energy support programs for households in need and initiatives to boost women’s labor force participation rate were also touched upon in his address.

In conclusion, Simsek emphasized the government’s commitment to infrastructure development, with plans to invest around $200 billion in the coming years. He highlighted the focus on railways and high-speed train networks, as well as connectivity between industrial zones and ports. Overall, the Minister’s speech outlined a comprehensive strategy to drive economic growth and welfare in the country.

 

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