Turkish minister says no compromise will be made on 2011 budget

Turkey's state minister for economy sought to give assurances that the government's 2011 budget made no concessions in implementing strict fiscal discipline.

Turkish minister says no compromise will be made on 2011 budget

Turkey's state minister for economy sought to give assurances on Tuesday that the government's 2011 budget made no concessions in implementing strict fiscal discipline.

"The 2011 budget aims to preserve the fiscal discipline and at the same time it establishes a careful balance between revenues and expenditures. There are no unmeasured steps," Ali Babacan told a meeting of Turkey's Foreign Economic Relations Council in Istanbul.

Babacan said consumer and producer confidence indices in Turkey hit in 2010 a record high of two years and of four years, respectively.

"Confidence would be followed by economic growth and rising employment figures. Turkey will be the fastest growing country in Europe both in 2010 and in 2011," he said.

Babacan said economic risks in at least 12 European Union member countries ran much higher than they did in Turkey, adding, "just make a comparison between Turkey and Italy for the last decade, which will show you that Italy is paying more to interest than Turkey," the Turkish economy minister said.

Babacan said at a time when the global economic order was re-established an important opportunity presented itself for Turkey, adding, "if we can use this opportunity wisely, Turkey will be a different country ten years from now."

Babacan said the government would take no steps that could compromise macroeconomic balance and stability.

"Free floating currency, structural reforms and fiscal discipline are the basic pillars. We will make no concession in our fundamental policies," Babacan said.


AA

Last Mod: 29 Aralık 2010, 11:54
Add Comment