TR Economy & Updates

Bogeyman said:

The 5-year "economic cooperation" between the World Bank and Turkey entered into force

Minister of Treasury and Finance Mehmet Şimşek stated that a financial cooperation program for the next 5-year period has been created within the scope of the strong cooperation with the World Bank and said, "The Country Cooperation Framework Program, in which the World Bank will provide an additional 18 billion dollars of financing to our country in the first 3 years, was discussed at the Board of Executive Directors of the Bank and put into effect." entry." said.

Şimşek made an evaluation to the AA correspondent about the cooperation efforts carried out with the World Bank.

Reminding that 1.5 billion dollars of financing was recently obtained from the World Bank for 3 separate projects, Şimşek said that this resource will be used to ensure Turkey's energy supply security and to support the green transformation process of businesses.

Şimşek pointed out that an important program has been signed with the World Bank, which forms the basis of financial and technical cooperation in the period covering the 2024-2028 fiscal years, and said, "Within the scope of our strong cooperation with the World Bank, a financial cooperation program for the next 5-year period has been created. The first three of the World Bank The Country Partnership Framework (CPF) Program, which will provide an additional 18 billion dollars of financing to our country within the year, was discussed at the Bank's Board of Executive Directors and entered into force." he said.

"Türkiye ranks 3rd in loans with favorable terms"

Şimşek reminded that the World Bank, after the announcement of the Medium Term Program, decided to increase the amount of resources it transferred to Turkey to 35 billion dollars by adding another 18 billion dollars to the ongoing 17 billion dollar program. Stating that Turkey ranks 3rd in the world and first in its region among the countries that use loans with favorable conditions from the Bank, Şimşek also shared the details of the new program.

Minister Şimşek stated that the program, prepared in line with Turkey's 12th Development Plan priorities, will focus on the areas of high and sustainable productivity increase, inclusive services and strengthening employment and resilience, and stated that these topics reveal areas of cooperation that can be developed with the World Bank.

"Support will be provided in many areas, from disaster resilience to exports"

In this context, Şimşek emphasized that it is planned to provide World Bank support in many areas such as disaster resilience, energy, green transformation, combating climate change, export support, real sector, infrastructure, logistics, industry, agriculture, education, health and inclusion, and made the following evaluation:

"The program will be implemented jointly by the World Bank institutions, the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The impact of the bank's activities in our country will be increased. In this process, focusing on the solution of country-specific challenges, "An approach that aims to increase private sector participation and achieve holistic results in operations will be followed."

"It will be used in the development of the private sector"

Referring to the additional 18 billion dollar financing package that the World Bank will offer to Turkey within 3 years within the scope of the Country Cooperation Framework Program, Şimşek said, "6 billion dollars of the said amount is expected to be provided from IBRD and 9 billion dollars from IFC. MIGA will provide short-term support." "By mobilizing 3 billion dollars through guarantees, it is envisaged that approximately two-thirds of the financing to be provided within 3 years will be used to develop the private sector." he said.

In addition, Şimşek stated that the technical and analytical studies on macro and sectoral basis carried out by the World Bank will continue in the new program period and said:

"In addition, ways will be sought to establish new partnerships with other development stakeholders in order to support our country's development goals. The World Bank has been one of the most important stakeholders in achieving our country's development goals for more than 70 years. The new Country Cooperation Framework further strengthens our partnership with the Bank. This cooperation will "It is also an indication of the World Bank's confidence in our country's next 5-year period and our economy and investment program. The flow of resources to our country will continue to increase in the new period."

Dünya Bankası ile Türkiye'nin 5 yıllık "ekonomik işbirliği" yürürlüğe girdi

Hazine ve Maliye Bakanı Şimşek, "Dünya Bankasının ilk 3 yıl içinde ülkemize ilave 18 milyar dolarlık finansman sağlayacağı Ülke İşbirliği Çerçevesi Programı, Bankanın İcra Direktörleri Kurulunda görüşülerek yürürlüğe girdi." dedi. - Anadolu Ajansı

www.aa.com.tr

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what said:

Simsek knows what he's doing and tapping all the sources possible.
The most important person in the government right now.

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Bozan said:

Yeah I think Erdogan respects him a lot too

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TheInsider said:

Mark my words as soon as the economy is fixed he will be the first to be sacked.

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Saithan said:

Exactly my thought. RTE doesn't respect anyone and he's only waiting for the economy to be fixed before he'll sack Simsek. And he'll wait until last 2-3 year of his period before he really tightens the bolt one way or another to grab hold of the power, if not for himself then for his proxy.

https://www.reuters.com/business/global-debt-hits-new-record-high-313-trillion-iif-2024-02-21/

I've mentioned it before (like when we started the forum in 2020), imo Türkiye should work towards having a surplus economy and balance it out, once it manages to hold what is not aprox. 1% of global debt. In the past I mentioned something equivalent to 10% of US debt (spread out of course) which would probably

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B_A said:

We need a lot of big brand and industry to make us a trade surplus economy.

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Hindustan Shipyard terminates contract with Turkish firms in Navy's project​

Hindustan Shipyard Limited terminated contract with Turkish firms to construct five fleet support ships for the Indian Navy and would now carry out design work on the project on its own.​

Hindustan Shipyard terminates contract with Turkish firms in Navy's project

Hindustan Shipyard Limited terminated contract with Turkish firms to construct five fleet support ships for the Indian Navy and would now carry out design work on the project on its own.

www.indiatoday.in

Bozan said:

https://twitter.com/i/web/status/1778317058188444043

Vibes

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B_A said:

Türkiye's first indigenous electric vehicle, Togg, emerged as an EV market leader in the first quarter of the year with over 4,000 units sold, according to industry data compiled by Anadolu Agency (AA) on Thursday.

Togg sold 4,145 vehicles in the first three months of the year, as shown by the data compiled by AA from the Automotive Distributors and Mobility Association (ODMD).

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uçuyorum said:

Leader with 4000 units? Leading who?

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B_A said:

EV market in Turkey very small only about 14000 in Q1,so 4000 is leading

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Scott Summers said:

Fuck EV's.

A disaster for the environment and nature to produce (kobalt, lithium etc), very dangerous if they catch fire when malfunction and a big pain in the ass to charge every hour.

No Turkish family living in the Western big cities want to buy a car that you need to charge for hours every 200 km when you go to your ancestral village in the Eastern part of Turkey during the holidays.

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