Economic program has Erdoğan’s full support, says VP Yılmaz

ANKARA

President Recep Tayyip Erdoğan fully supports the new medium-term economic program, Vice President Cevdet Yılmaz has reiterated.

The new economic program covering 2024-2026 with new targets and forecasts were unveiled in early September.

“The political will behind the program is strong. Moreover, there is a broad social consensus. That is why chances are high that this program could be implemented,” Yılmaz said in an interview with private broadcaster Kanal 7.

The new program has been well received both inside Türkiye and abroad, according to the vice president.

“The World Bank’s recent decision to increase its exposure to Türkiye from $17 billion to $35 billion within three years, positive comments from the Gulf countries, feedback from the meetings from investors, statements from credit rating agencies, assessments from business associations… all these are indications that the medium-term program serves its purpose,” Yılmaz said.

The next important move is to implement the program step by step with the priority being the fight against inflation, he added.

Yılmaz noted that inflation is on the rise “temporarily.”

“We have entered a period where uncertainties have diminished. On the other hand, there are updated policies and measures being implemented with determination. Therefore, inflation will start to decline,” he said.

The monthly declines in inflation will start to be seen soon toward the end of this year or at the start of next year, according to Yılmaz.

“We are not expecting the kind of increases [in inflation rate] seen in July and August in the coming months,” he said, adding that the decline in the annual inflation rate is likely to start in mid-2024.