The World Bank (WB) intends to offer Turkey an assistance package of $35 billion to support the implementation of its medium-term economic program, Mehmet Şimşek, Finance Minister of Turkey, announced during an interview on the NTV TV channel.
"The head of our Central Bank and I had an extensive meeting with the president of the World Bank, during which we presented our economic program. In response, the World Bank has committed to provide an additional $18 billion, supplementing the initially planned $17 billion, to support our program. This means that Turkey is set to receive a total aid package of $35 billion from the World Bank," he announced. Turkish authorities recently introduced a comprehensive three-year program designed to address the economic challenges facing the country.
Şimşek emphasized that a key focus of Ankara's medium-term program is to effectively combat inflation. "The program aims to bring inflation down to a reasonable level, specifically within single digits. Achieving this goal of reducing inflation to single digits within three years is challenging but attainable," he stated.
Currently, inflation in Turkey is projected to potentially exceed 65 percent by the end of 2023. Nevertheless, as outlined in the government's program, the objective is to reduce it to 33 percent in 2024 and steadily decrease it to 8.6 percent by 2026.
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Based on materials from TASS