Turkey launches package to protect exporters amid virus

ISTANBUL

Turkey has launched a financial support package to cushion exporters from the impact of coronavirus, Ruhsar Pekcan, the trade minister, announced on May 22. 

The package, called the Stock Financing Support Package, came into use through Turk Eximbank, according to a press release issued by the Trade Ministry.

"The stock financing loan will provide convenience for our exporters, whose stocks increased due to low demand and canceled orders," she underlined.

As part of the package, the Credit Guarantee Fund set a 10 billion Turkish liras ($1.47 billion) limit for Eximbank.

The 7.25% interest rate credit's limit will be 25 million Turkish liras ($3.67 million) for SMEs and 50 million Turkish liras ($7.34 million) for other firms.

Turkey is also backing several sectors with low-interest rate loans, loan and tax deferment, and tax discounts.