Turkey wealth fund to get takeover powers in battle against coronavirus

Turkey’s sovereign wealth fund will be given special powers to buy stakes in companies under steps proposed by the government.

The fund, chaired by President Recep Tayyip Erdoğan, will be exempted from some regulations governing its investments in non-state companies, Bloomberg reported on Tuesday, citing the draft measures.

The ruling Justice and Development Party (AKP) declined to comment, as did the wealth fund, Bloomberg said.

Turkey is seeking ways to help cushion the economy from the effects of the coronavirus, which is spreading quickly, causing many firms to temporarily halt their operations and lay off workers. The government spent tens of billions of dollars last year to help overcome a currency crisis in 2018, leaving it with limited funds for a financial rescue package.

 Turkey reported 4,093 new infections for Monday, bringing the total number of known cases to 61,049, the ninth biggest number globally. Iran, in eighth place, has 74,877 official cases.

The wealth fund controls Turkey’s largest state-run enterprises, including two banks and Turkish Airlines, the country’s flagship carrier.