“McKinsey will have no executive powers” - Turkish Ministry of Treasury and Finance

Turkish Ministry of Treasury and Finance on Saturday responded to those criticising Turkish government’s decision to work with the U.S. management consulting firm McKinsey & Company for reforming Turkey’s economic administration and said McKinsey will have no executive powers, Sabah newspaper reported

The Minister of Treasury and Finance, Berat Albayrak, on Thursday announced that the government decided to work with the international consulting firm, which would quarterly analyse the progress achieved in reaching targets set in the New Economic Programme.

The decision was heavily criticised by the members of the opposition parties, who said that hiring McKinsey aimed to implement an IMF programme without the IMF.

A new office has been established and given the responsibility of transforming Turkey’s fiscal management in accordance with the target of ensuring fiscal discipline, the Ministry said in a statement on Saturday. Only public servants will work within the new office, it also said.

The statement also said that the new office was allowed to benefit from consulting services in order to examine the best practices of fiscal discipline and transformation measures in the world. 

The statement said that, after Berat Albayrak announced that the Ministry would work with an international firm, which had in the past also provided consulting services to other Turkish public institutions, there were accusations that this decision meant implementing an IMF programme. The statement said those claims were baseless and aimed to provoke the public and to achieve cheap political gains. 

The consulting firm will have no executive function or power, the Ministry said. It underlined that the work of McKinsey will be limited to the examination of best practices in the world and formulating the most proper approach for Turkey.