World Bank: Turkish economy on right path, but much work to be done

Humberto Lopez, the Director of the World Bank for Turkey, emphasized that the economy was moving in the right direction but highlighted that there was much work to be done.

According to int’l media Lopez stated that the economy was heading in the right direction, and the World Bank would double its resources in Turkey within the next three years, reaching a total of 35 billion dollars, starting from next week.

6 BILLION DOLLARS TO BE ALLOCATED TO PUBLIC SECTOR

Lopez also mentioned that out of the additional 18 billion dollars in financing, 6 billion dollars would be allocated to the public sector, while the remaining 12 billion dollars would go to the private sector.

Lopez emphasized that the economic challenges ahead for Turkey involved simplifying the different policies pursued in the short term and enhancing efficiency in the long term.

DIRECT CREDIT TRANSFERS TO GOVERNMENT AS WELL AS SUPPORT FOR PRIVATE SECTOR

Bloomberg had reported earlier this month that the World Bank could allocate an additional 18 billion dollars to Turkey. The report highlighted that in addition to the 17 billion dollar program, there was a consideration for an 18 billion dollar fund over the next three years, including direct credit transfers to the government as well as support for the private sector.