‘Turkey to implement Economic Reform Action Plan until March 2023’

* Photo: Anadolu Agency (AA) - Archive

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Turkey's Treasury and Finance Ministry unveiled the country's Economic Reform Action Plan on late Tuesday (March 23).

The action plan contains several measures under 10 main titles, including public finance, price stability, financial sector, current deficit, employment, corporate governance, investment incentives, easing internal trade, rivalry and market surveillance. All measures under the ministry's action plan will be put into effect in the country until March 2023.

Earlier this month, on March 12, 2021, ruling Justice and Development Party (AKP) Chair and President Recep Tayyip Erdoğan announced the details of the new "Economic Reform Package."

Details from the action plan

As reported by the state-run Anadolu Agency (AA), under the plan, expenditure discipline will be ensured, public debt management will be strengthened and taxational regulations will be simplified.

Some other details from the plan are as follows:

Investor-friendly predictability-booster steps will be taken and public procurement tenders will be reformed.

Public-private cooperation framework law will be enacted and a reform for public economic enterprises will be made.

The country will also establish a Price Stability Committee as of June 2021 in line with the action plan. An early warning system for preventing price fluctuations due to climate, diseases, and harvest will be set up.

Food loss and waste will be reduced.

'Non-interest financial systems to be improved'

Asset quality of the banking sector will be improved and the capacity of asset management companies will be strengthened as part of the plan.

The country will empower non-interest financial systems and the corporate structure of the financial sector.

The structural current account deficit will be decreased.

Health Industries Presidency will be found to develop a competitive, innovative and strong health industry in the country as of December 2021.

A Software and Hardware Industries Presidency will be set up for boosting domestic capabilities in newly-emerging technologies, encouraging youth employment and gaining global competitive power as of December.

'Financial Stability Committee'

Turkey will form a precious minerals and stones market under the international standards. The country will also support green transition in the industry and increase competitiveness of its exporters.

The Financial Stability Committee will be established as of June 2021 to deepen markets and increase savings.

The country will also form the Economic Coordination Committee as of June 2021. The committee will be chaired by Turkey's vice president and ensure coordination and success of the country's Medium Term Program, Annual Program and Development Plan.

'A bill to regulate digital markets'

A bill will be prepared to regulate digital markets and ensure healthy competition.

Measures will be taken to prevent the restriction of the competition or the misuse of data stored on the digital platforms as well as to maintain a competitive and fair environment in digital markets.

Independent Market Surveillance Institution will be formed for consolidating different mechanisms in the market.

The institution will prevent the market supply of products that do not meet the minimum safety conditions for human health, life and property safety, animal and plant health, environment and consumer. (EKN/SD)