ECONOMY

Finance Minister Albayrak holds meetings with parliamentarians, conveys message for strict fiscal discipline

Treasury and Finance Minister Berat Albayrak has recently started holding regular meetings with Justice and Development Party (AK Party) parliamentarians to explain the details of the policies regarding fiscal discipline and the steps taken within that framework, while members of Parliament conveyed the messages of their constituents, including questions about inflation and the loan problems of small enterprises, store shutdowns and other issues raising operational costs.

In the last meeting with parliamentarians, Albayrak explained the budgetary discipline implemented in all Turkish ministries, including examples at the Treasury and Finance Ministry.

Albayrak stressed that the better part of the economic problems have been overcome since Turkey has taken the necessary structural precautions, ensuring a more stable period ahead. The minister also highlighted that interest rates will drop in the upcoming period. "We are making the necessary preparations for any attack taking aim at our economy, and we will continue introducing steps and plans to reduce inflation further. The recent downward trend in inflation is a significant development," he said.

Turkey's rate of inflation fell to 21.62 percent year-on-year in November, compared to 25.24 percent in October. Monthly inflation decreased by 1.44 percent in November.

As part of the budgetary discipline, Albayrak emphasized the importance of cutting extra costs at ministries and expressed his advice for the ministers to run their budgets in an efficient fashion.

The minister also referred to the economic and political troubles hanging over European countries like France, the U.K. and Germany and warned against risks that might spread across the globe in 2020.

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