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Turkey launches package to protect exporters amid virus

Anadolu Agency ECONOMY
Published May 22,2020

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

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.

After originating in Wuhan, China last December, COVID-19 has spread to at least 188 countries and regions, with Europe and the US currently the worst hit.

The pandemic has killed over 333,400 people worldwide, with more than 5.12 million confirmed cases, while recoveries have reached almost 2 million, according to figures compiled by the US-based Johns Hopkins University.

In Turkey, the virus has infected nearly 153,600 people so far, and caused 4,429 deaths, but with the number of cases falling.