New medium-term program to reduce uncertainties: Yılmaz

ISTANBUL

The government expects the new medium-term program to be unveiled in September to reduce uncertainties and increase predictability for investors, Vice President Cevdet Yılmaz has said.

Macroeconomic targets and public policies will be updated, structural reforms will be laid out in the new program and resources will be used within its framework, Yılmaz reiterated in a speech he delivered at the beginning of an event in Istanbul where he met with members of the prominent business associations.

The government is taking measures to support the employment, production and exports-focused development policy, Yılmaz said, recalling that 14 financing packages worth 250 billion Turkish Liras have been made available to SMEs and other businesses.

“We will continue to implement policies designed to encourage savings, to boost competitiveness and productivity… We will also take well-defined, result-oriented reform steps to improve the investment environment. We are working to further improve financial and price stability,” Yılmaz added.

He noted that the pace of growth in exports has slowed due to the developments in the export markets, mainly in the EU, this year. “Yet, we target higher export revenues this year from the last year. We are also expecting a good tourism season.”

It is important to exchange opinions with the representatives of the business circles ahead of the preparation of the program, Yılmaz said, adding that there will also be meeting with the representatives of the labor unions.

“So, the private sector’s, unions’ suggestions and expectations will be incorporated into the medium-term program, the development program and the central government budget,” he said.

Representatives from the Turkish Industry and Business Association (TÜSİAD), the Independent Industrialists and Businessmen's Association (MÜSİAD), the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the International Investors’ Association (YASED) as well as from other leading business associations attended the event in Istanbul.