$35 bln worth of privatization income transferred to Treasury

ANKARA

The national lottery, called Milli Piyango, was privatized last summer for more than $2.7 billion.

More than $35 billion worth of privatization income was transferred to the Treasury between 2002 and October 2014, Finance Minister Mehmet Şimşek said in response to a parliamentary question asked by CHP Deputy Sezgin Tanrıkulu to learn how privatization income was distributed and among which public institutions.

“A total of some $35.4 billion was transferred from privatization income to the Treasury between 2002 and October 2014. Some $11.3 billion was transferred to institutions in the privatization program under the framework of capital, debt transfer and employment payments, while $3.6 billion was transferred to other public institutions under the framework of special laws and regulations, such as the Social Security Institution and the Ministry of Transport. Some $328.4 million was also transferred to public institutions for privatization and other expenses,” Şimşek said.

“The income from privatization is transferred to the Privatization Fund. The use of the Fund is regulated in the 10th Article of Law number 4046,” he added.

The Turkish economy has raked in more than $58.3 billion from privatized assets since the ruling Justice and Development Party (AKP) came to power in 2002.

Turkey’s privatization revenues hit an all-time high in 2013, totaling $12.4 billion. The most recent Privatization Administration figures show the total amount of completed privatizations in the first half of 2014 exceeding $1.6 billion and the amount is expected to quadruple with the addition of money collected from the sale of a number of approved power plants, as well as the privatization of the national lottery on July 15.