Jan 09 2018

Treasury cash balance in record deficit – opposition MP

Turkey’s Treasury reported a record deficit for its cash balance last year, as the government spent more to stimulate the economy, according to Faik Oztrak, a member of parliament for the opposition Republican People’s Party, and an ex-undersecretary of the Treasury.

The deficit of 60.5 billion liras ($16 billion), which widened 58 percent from last year, also dwarf figures for 2009 and 2010, when the government was grappling with a slowing economy in the aftermath of the financial crisis, figures provided by Oztrak on Twitter showed.

Oztrak also pointed out that there was a surge in borrowing by the Treasury in 2017, which increased 168 percent to a net 78.4 billion liras. He questioned why the government would borrow that amount, while reporting a cash deficit that was 17.9 billion liras smaller.