Reforms a shield against crisis
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Anatolia News Agency
Oluşturulma Tarihi: Haziran 26, 2009 00:00
PARIS - Turkey is considered to be among the Organisation for Economic Co-operation and Development, or OECD, countries whose economies will rally the quickest, according to a Turkish minister.
Due to its newly implemented economic reforms, Turkey has managed to put up a strong front against the crisis, said State Minister and Deputy Prime Minister Ali Babacan, who was in Paris, where he has been participating in the annual ministerial council meetings in the OECD Conference Centre.
"Among OECD countries, Turkey ranks last in terms of the intervention into banks during the crisis," said Babacan during an informal gathering with journalists Thursday. The ministerial meeting, which OECD organizes once a year, gathers economy ministers, top-level bureaucrats and the executives of international institutions, has provided a platform for some very serious discussions, he said. Policies to exit the crisis and the lower growth figures of the OECD countries constituted the main frame of the discussions in Paris, he said. High unemployment figures, widening public finance gaps and increasing public debt inventory were also among the topics discussed, according to Babacan. The role OECD should be playing in times of distress was also on top of the agenda.
Almost all countries have taken extraordinary measures to re-establish trust in the financial sector and revive the economy, Babacan said and stressed the importance of implementing these measures carefully.
Particularly developed countries should introduce a medium-term plan to cover their increasing budget deficits, Babacan said. He also reminded that Turkey is also preparing a medium-term economic program.
Babacan said that in listening to other ministers, he had the chance to affirm once again that Turkey has been on the right track with the steps it has taken.
Babacan underlined that the "human dimension" of the crisis should not be ignored, requesting that unemployment should be handled before all else. In the short term, active labor force programs and reducing the burden on employment may help, he said, adding that the measures should be supported by medium-term policies that will increase investments and growth.
Replying to a question, Babacan said talks with the IMF are ongoing and the government is preparing for scenarios both with and without the IMF. He said journalists should not give credit to hearsay on the issue unless there is a statement by the Treasury or himself.
"Among OECD countries, Turkey ranks last in terms of the intervention into banks during the crisis," said Babacan during an informal gathering with journalists Thursday. The ministerial meeting, which OECD organizes once a year, gathers economy ministers, top-level bureaucrats and the executives of international institutions, has provided a platform for some very serious discussions, he said. Policies to exit the crisis and the lower growth figures of the OECD countries constituted the main frame of the discussions in Paris, he said. High unemployment figures, widening public finance gaps and increasing public debt inventory were also among the topics discussed, according to Babacan. The role OECD should be playing in times of distress was also on top of the agenda.
Almost all countries have taken extraordinary measures to re-establish trust in the financial sector and revive the economy, Babacan said and stressed the importance of implementing these measures carefully.
Particularly developed countries should introduce a medium-term plan to cover their increasing budget deficits, Babacan said. He also reminded that Turkey is also preparing a medium-term economic program.
Babacan said that in listening to other ministers, he had the chance to affirm once again that Turkey has been on the right track with the steps it has taken.
Babacan underlined that the "human dimension" of the crisis should not be ignored, requesting that unemployment should be handled before all else. In the short term, active labor force programs and reducing the burden on employment may help, he said, adding that the measures should be supported by medium-term policies that will increase investments and growth.
Replying to a question, Babacan said talks with the IMF are ongoing and the government is preparing for scenarios both with and without the IMF. He said journalists should not give credit to hearsay on the issue unless there is a statement by the Treasury or himself.