Erdoğan bans Turkish government seeking economic consultancy from McKinsey

Turkish President Recep Tayyip Erdoğan said on Saturday that he told his colleagues in the government not to seek services from international consulting firm McKinsey, Anadolu Agency reported.

Berat Albayrak, Turkish Ministry of Treasury and Finance and Erdoğan’s son-in-law, said last week that Turkey had decided to work with US-based international consultancy firm McKinsey & Company during a conference in New York. 

McKinsey will be responsible of evaluating the progress in reaching Turkey’s economic targets and outcomes by preparing quarterly reports, said Albayrak in New York. However, after the criticisms mounted, he said in a statement last week that the international consulting company would only provide analysis on best-case examples needed to formulate Turkey’s new fiscal discipline measures. 

Many critics slammed the government’s decision to work with McKinsey, saying that the move meant implementing a program of the International Monetary Fund (IMF) without the IMF and did not conform to the notion of a sovereign state.

Turkey will never fall again in the arms of international organisations that are the representatives of global political and economic tutelage, Erdoğan said on Saturday, while speaking at a meeting of the ruling Justice and Development Party (AKP) in Ankara.

Turkey will reach its goals by domestic recipes, solutions, and programs, said Erdoğan, adding that the government is open to foreign investments and support as long as it does not entail a threat to Turkey as a sovereign state. 

“The discussions on recent days about a company providing financial consultancy services, in fact aims to put us in the same press, by implicating us,” Erdoğan said.

“I said to all my ministers ‘you will not get consultancy from them’,” Erdoğan said referring to McKinsey.

Erdoğan also said that there was no basis for an economic crisis in Turkey and once again warned Turkish society about speculative pricing efforts of those who aims to take advantage of exchange rate fluctuations. 

Many reacted on social media to Erdoğan’s words, which in effect means an end to Turkish economic management’s and his son-in-law’s plans to work with McKinsey.

“What will those that supported working with McKinsey say now,” one twitter user said. “They deleted the agreement because of public’s pressure. What does that mean? We should raise our voice.”

Some, on the other hand, recalled that Albayrak last week blamed those opposing the agreement with McKinsey for being either ignorant or traitors.