Turkey made a deal with American firm to overcome economic crisis - professor

Trust on Turkish institutions and political will is extremely weak that Ankara had to make a deal with an American consulting firm to overcome the economic crisis without applying to the International Money Fund (IMF), Ümit Akçay, an economics professor, said on Thursday.

Turkish pro-government Sabah news quoted Turkey's Treasury and Finance Minister Berat Albayrak saying Turkey has decided to work with international consulting company McKinsey which will "check the (economic) aims and outcomes" in every quarter of the year based on the new economic programme.

Referring to Albayrak's new economy programme and his statements in Sabah, Akçay said Ankara had found a way to follow the IMF's possible economy plans without making an actual deal with the IMF. 

Criticising the government to share the information closed to the general public with a private company, Akçay said the details of the deal should be announced publicly. 

"Disabling the institutions which conduct inspections on behalf of the public such as Turkish Court of Accounts and Grand National Assembly of Turkey (TMBB), and worse, the failure to replace these institutions (with better ones) show the governmental crisis inTurkey."  

"We are out of the Court of Accounts, we can give you McKinsey," Akçay added allegorically.

Albayrak introduced a new economic programme on Sept.20, but similar to the former plan; the new one also failed to instil confidence in the markets. The objectives and goals of 2018 to 2021 programme are far from convincing; the only distinctive feature of this new programme is its recognition that there is an economic crisis, Zülfikar Doğan, an Ahval contributor commented. 

The IMF said on Sept.21 that it has taken note of the announcement of Turkey’s new economic programme and will be updating its economic forecasts for the country in response to Albayrak's financial plan.