Berat Albayrak pledges to re-balance the economy

Treasury and Finance Minister Berat Albayrak pledged to re-balance the economy, suggesting his policies will focus on Turkey’s financial vulnerabilities in an official written statement on Friday.

The official statement published by the Ministry said that the Minister in the upcoming months will focus on budget discipline and structural reforms while lowering the inflation rates and provide the development with sustainable growth rates.

The statement said that the targets and priorities of the Ministry of Treasury and Finance will be:

- A fiscal policy designed to support balanced growth,

- A Medium-Term Program to fight inflation. The statement said that this plan will be set up to stabilise the inflation gradually. 

- Effective control of budget expenditures. The statement said that the Minister is determined not only to balance the budget but also create a regular and predictable framework for spending restraint. 

- A balanced, predictable and straightforward structure for taxes.

Albayrak’s statement is intended to signal his policy priorities to a skeptical audience. Initially the Turkish lira weakened nearly 7 percent on Monday following the announcement of Turkey’s new government.