Turkish government support key in times of crisis
Güncelleme Tarihi:
Anatolia News Agency
Oluşturulma Tarihi: Ocak 20, 2009 00:00
ANKARA - The government injected 10.7 billion Turkish Liras into the market, part of which was direct income support, part was infrastructure and investment support, said State Minister and Deputy Prime Minister Nazım Ekren.
"The government has also included spending worth 15.9 billion liras in its 2009 budget to manage demand and supply," Ekren told members of the press, as he delivered the opening speech of Economy Coordination Council meeting.
"Highways capital spending totaled 2.8 billion liras last year, while spending for Southeastern Anatolia Project, or GAP, and other regional expenditures totaled 1.3 billion liras. The cost of improving salaries as well as revenue transfer to local administrations each cost the government 900 million liras," he said. "Housing aid that was provided last year totaled 2.4 billion liras, while the support provided for contracted personnel totaled 113 million liras. Support provided for drought totaled 535 million liras last year, while a five point reduction in the Social Security Institution, or SSK, cost the government an extra 347 million lirasÉ Adding it all together, the support provided totaled 10.7 billion liras," he said. "The total aid provided constitutes 4 to 4.5 percent of government’s total budget. This figure is the equivalent of 1 percent of national income."
The government will continue lending its support in 2009, said Ekren. "We have set aside 3.8 billion liras for GAP and other regional expenditures. Revenue transfer to local administrations this year is set to be 3.8 billion liras. We will also up the Treasury’s guarantee and loan limits to 1 billion liras. Spending limits set aside for salary improvement will total 2.5 billion this year," Ekren said. "The total spending profile to manage demand and supply will be 15.9 billion liras this year."
Back in August, the risks of the crisis seemed very indistinct, said The Union of Chambers and Commodity Exchanges of Turkey, or TOBB, President Rifat Hisarcıklıoğlu. "Today, those risks have become very threatening."
"We are going through a very unusual period. In such times there is a need for unusual measures," Hisarcıklıoğlu said.
"First we need to understand that this crisis is not a result of Turkey’s domestic dynamic. This crisis is the result of an earthquake that happened in the international finance system far away from where we are," he said. "However, that does not mean it has scraped past us or that we are immune to its impact. No one is that lucky," he added. "Time is moneyÉ And these days, in which we are struggling to survive, call for casting creative policies," Hisarcıklıoğlu said.
"Highways capital spending totaled 2.8 billion liras last year, while spending for Southeastern Anatolia Project, or GAP, and other regional expenditures totaled 1.3 billion liras. The cost of improving salaries as well as revenue transfer to local administrations each cost the government 900 million liras," he said. "Housing aid that was provided last year totaled 2.4 billion liras, while the support provided for contracted personnel totaled 113 million liras. Support provided for drought totaled 535 million liras last year, while a five point reduction in the Social Security Institution, or SSK, cost the government an extra 347 million lirasÉ Adding it all together, the support provided totaled 10.7 billion liras," he said. "The total aid provided constitutes 4 to 4.5 percent of government’s total budget. This figure is the equivalent of 1 percent of national income."
The government will continue lending its support in 2009, said Ekren. "We have set aside 3.8 billion liras for GAP and other regional expenditures. Revenue transfer to local administrations this year is set to be 3.8 billion liras. We will also up the Treasury’s guarantee and loan limits to 1 billion liras. Spending limits set aside for salary improvement will total 2.5 billion this year," Ekren said. "The total spending profile to manage demand and supply will be 15.9 billion liras this year."
Back in August, the risks of the crisis seemed very indistinct, said The Union of Chambers and Commodity Exchanges of Turkey, or TOBB, President Rifat Hisarcıklıoğlu. "Today, those risks have become very threatening."
"We are going through a very unusual period. In such times there is a need for unusual measures," Hisarcıklıoğlu said.
"First we need to understand that this crisis is not a result of Turkey’s domestic dynamic. This crisis is the result of an earthquake that happened in the international finance system far away from where we are," he said. "However, that does not mean it has scraped past us or that we are immune to its impact. No one is that lucky," he added. "Time is moneyÉ And these days, in which we are struggling to survive, call for casting creative policies," Hisarcıklıoğlu said.