Budget deficit narrows in March

Bloomberg

The budget gap narrowed to 4.7 billion Turkish Liras ($3 billion) from 5.4 billion liras in the same month last year, the Treasury in Ankara said in an e-mailed statement yesterday. The budget had a deficit excluding interest payments of 235.7 million liras, it said.

Spending for local elections

The budget has been widening as the government increased spending ahead of March 29 local elections and the global economic slowdown reduces tax revenue.

The government will this month invite an International Monetary Fund delegation back to Turkey to resume negotiations on a lending accord, Prime Minister Recep Tayyip Erdoğan said, according to an April 4 report by CNN Türk television.

The Treasury figures are preliminary data that measure cash inflows and outflows. The Finance Ministry will release full budget numbers later this month.