Gov’t to continue to implement economic program: Yılmaz

ANKARA

The economic program will continue to be implemented with determination after the local elections, Vice President Cevdet Yılmaz has said, dismissing speculations that the government may change course on economic policies after the polls.

“People should not worry. Expectations that the policies will change after the local elections are unrealistic,” Yılmaz said in an interview with private broadcaster CNN Türk.

Türkiye will hold local elections on March 31.

Political uncertainties ended following the May 2023 general elections and the government prepared the medium-term program in the wake of the elections, Yılmaz said.

“Then we entered a new period. Most of the targets set out in the program have been met,” the vice president added.

Thanks to the macroeconomic policies implemented, Türkiye has easier access to funding in international markets, he stressed.

“Toward the end of last year, the exchange rate had stabilized significantly, but some speculative moves emerged again lately. But we expect this to stop soon,” Yılmaz said.

All macroeconomic indicators, such as growth, employment, exports and the current account deficit, are good except for inflation, Yılmaz acknowledged.

He reiterated that the main objective of the economic program is to bring inflation under control.

This will happen gradually, and the fight against inflation takes time, Yılmaz said, adding that there will be a significant decline in inflation in summer, in the second half of the year.

“The economic program aims to lower inflation to 15 percent in 2025 and further down to single digits in 2026. We have a plan in place to achieve this goal,” Yılmaz said.