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They transform the rate that Turkey gets from the IMF as much as it can afford, into ‘borrowed’

Treasury and Finance Minister Nureddin Nebati, on the criticism that Turkey borrows from the IMF, said: They do this recklessly. In addition to all these successes, there are also the problems we face.

Wednesday, August 10, 2022, 19:02

Nureddin Nebati: They turn the rate that Turkey gets from the IMF as much as it can afford, into 'borrowed'

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Minister of Treasury and Finance Nureddin Nabatiarguing that Turkey is writing a success story as the growth forecasts in the world go down.The table is clear. Despite all the difficulties in the global economy, Turkey is making full progress. Our economy is healthy and solid. And if you ask our pessimists’ choir, they will instantly continue to sing the song ‘we’re done, we’re done’. Along with all our successes, of course, there are also some problems we face. Despite the strong course in exports and the increase in tourism revenues, the current account deficit increased due to the rapid rise in energy and commodity prices.” said.

Minister of Treasury and Finance Nureddin Nebati met with representatives of non-governmental organizations, heads of foundations and associations, business people within the scope of the “100 Days Face to Face Program in Ümraniye”.

Nebati reiterated that the economy administration has taken steps to solve inflation and said:

“WORLD WINTER ENERGY COSTS ARE EXPECTED TO INCREASE MANY TIMES”

  • After the oil crisis in the 1970s, we are under the influence of a new energy crisis that has affected the whole world today. While the average price of Brent oil per barrel was 71.6 dollars in 2021, the average for 2022 rose to 109. There were also rapid increases in natural gas and coal. There is an expectation that these prices will double in the coming winter. Along with the increase in energy costs, the high level of transportation costs stand out as factors forcing the global trade volume and global growth.

“WE WRITE A SUCCESS STORY”

  • While global growth forecasts go down, Turkey’s forecasts go up. We are writing a success story. No matter what anyone says. Along with economic growth, we recorded a huge increase in employment.
  • Turkey will grow apart. They said ‘we will burn’, we said ‘we will grow’. They said that people will be unemployed, we said that people will not lose their jobs.

“OUR ECONOMY IS SO GRATEFUL AND HEALTHY”

  • The table is clear. Despite all the difficulties in the global economy, Turkey is making full progress. Our economy is healthy and solid. And if you ask our pessimists’ choir, they will instantly continue to sing the song ‘we’re done, we’re done’.

“WE ARE THE COUNTRY WITH THE Least TAX ON FUEL OF THE OECD COUNTRIES”

  • It was in the headlines of the main news every day as fuel prices were rising. Prices around the world have increased. We protect households on natural gas. We reflect the pump sales prices as they are. We are the country with the least tax on fuel among OECD countries. Now, in the last month, diesel and gasoline prices have decreased to 22 liras at the pump outlet prices. No headlines, no subtitles.

“OUR EXPECTATION IS NOT BEYOND THE OBJECTIVE APPROACH”

  • While some people look at all the problems with a magnifying glass, they completely ignore the successful men. There are even those who hope for manipulative distortions at the level of speculation. Our expectation is not beyond objective approaches. Those with titles in front of them speak in a chorus saying ‘the dollar will go here, the country will go there’. Knowing that Turkey does not borrow money from the IMF, those with titles can, with a purely technical stance, turn even the amount that each country has received in proportion to its capacity into ‘borrowers’.

“CURRENT TRANSACTIONS DEFICIT INCREASED”

  • Along with all our successes, of course, there are also some problems we face. Despite the strong course in exports and the increase in tourism revenues, the current account deficit increased due to the rapid rises in energy and commodity prices.

“THE AMOUNT WE PAY TO ENERGY IN 2022 GOES TOWARDS 100 BILLION DOLLARS”

  • The amount we pay for energy in 2020 is 28 billion dollars. $51 billion in 2021 is heading towards $100 billion this year in 2022. Therefore, it is necessary to look at this in order to see how deep its impact is. If we weren’t paying so much for oil, gas and energy, we wouldn’t do the cumulative current transactions for 12 months, except for energy, we would have had a surplus of 34.6 billion dollars as of May. The only and only reason for our current account deficit is our energy costs.

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