Turkey sets fiscal rule date as June 15

Turkish Deputy PM Babacan said the fiscal rule along would be announced and enter into force on June 15.

Turkey sets fiscal rule date as June 15

Turkish Deputy Premier and State Minister Ali Babacan said the fiscal rule along with the Medium Term Program (MTP) and the Medium Term Fiscal Plan (MTFP) would be announced and enter into force on June 15.

In an exclusive interview with AA in Athens Saturday, Babacan, said the fiscal rule was an important regulation that would set Turkey aside from other countries, adding that the Turkish Court of Accounts would be mandated with its supervision.

Babacan said the "Fiscal Rule" was the result of highly elaborative studies, and it was tested under various scenarios. He said before the fiscal rule, the administration could steer public sector policies for the next three years only.

"However now, we will be able to forecast the direction of the public sector and steer policies for a longer term," said Babacan.

He said the parameters and targets of the fiscal rule received positive responses from international organizations which commended its applicability.

Babacan said the MTP would be implemented within the scope of the fiscal rule. He said the IMF's visit to Turkey had nothing to do with the implementation schedule of the fiscal rule.

The deputy premier underlined that the visit was not a program review, and Turkey did not make any commitments or give promises to the IMF. He said the IMF's visit was for consultation under Article 4, adding that the delegations would later proceed to Ankara on Monday to meet with public sector representatives. He said the delegations would depart from Turkey by the end of the month to write its report on Turkey.

Responding to criticisms on supervision of the fiscal rule by the Court of Accounts rather than an independent council, Babacan said the court was an organization that wrote independent reports and freely criticised the public sector when necessary.

He said mandating an independent council rather than the Council of Accounts for the supervision of the fiscal rule was out of question.

AA

Last Mod: 15 Mayıs 2010, 14:27
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