Turkey has taken a series of measures to “discipline public spending” in a bid to combat inflation, Turkey's finance minister said on Monday.
The top priority of the “savings and efficiency package in the public sector” is to eliminate the cost of living and bring inflation down to single digits, Turkish Treasury and Finance Minister Mehmet Şimşek told a press conference.
Şimşek emphasized that price stability is the most important component of welfare and sustainable high growth.
The government's medium-term economic program announced last September envisaged an end-year inflation rate of 36% this year, 15.2% in 2025 and 8.5% in 2026.
He emphasized that the new measures, unlike the previous ones, will increase efficiency and savings in the public sector, implement a strong monitoring, auditing, reporting and sanctioning model, and cover the entire public sector.
"With fiscal discipline, we will allocate more resources to natural disasters, green and digital transformation. By lowering the country risk premium, we will enable our country to borrow at more reasonable costs and improve intergenerational justice by borrowing less."
He noted that public savings, spending discipline in the budget and efficiency in public investments are the three main axes of spending