Govt says Turkey enters new era with fiscal order

Babacan said that the bill fiscal order would become a law before the parliament went on a summer recess.

Govt says Turkey enters new era with fiscal order

Turkish State Minister & Deputy Premier Ali Babacan said on Tuesday that the bill fiscal order would become a law before the parliament went on a summer recess.

Babacan said that a new period would begin in Turkey with fiscal order. Noting that they gave the final shape to the draft during Monday's Economy Coordination Board meeting, Babacan said that the bill was ready to be presented to Prime Ministry and then to Parliament.

Replying to questions of reporters following a press conference on the fiscal order draft law, Babacan said fiscal order should not be in practice only during the ruling of a certain government.

"If the owner of fiscal order is just one government, then we cannot expect much from it. A wider crowd should be the owner of fiscal order. The more our business world, NGOs and media protect the fiscal order, the healthier its implementation will be. Otherwise, it will not have much of a meaning," Babacan said.

He said that fiscal order was very important for financial policies of Turkey, adding that academicians and finance units also contributed while they were trying to prepare the most appropriate fiscal order for Turkey.

Babacan noted that they also sent the bill to international organizations such as OECD, EU Commission, IMF and World Bank, and made consultations with them.

Noting that fiscal order had several parameters, Babacan said that one of them was a one percent deficit in budget balance in mid and long term. He added that according to another parameter, threshold growth rate was set as five percent.

Babacan said that the targets of fiscal order and Mid-term Program (announced in September, 2009) were not different, adding that the aim was to guarantee the long-term.

Stressing that fiscal order was a long-term target, Babacan said that this would ease the job of private sector and the markets.

Noting that fiscal order concerned Turkey's future, Babacan said it was essential to provide justice among generations and leave a more prosperous country to next generations.

"If we are all aware of this fact, the pressure to be imposed by the public and the market will protect fiscal order," he said.


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Last Mod: 11 Mayıs 2010, 12:58
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