{"id":11685,"date":"2024-05-13T18:01:09","date_gmt":"2024-05-13T15:01:09","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=11685"},"modified":"2024-05-13T18:01:09","modified_gmt":"2024-05-13T15:01:09","slug":"turkey-unveils-plan-to-curb-spending-increase-efficiency","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=11685","title":{"rendered":"Turkey unveils plan to curb spending, increase efficiency"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/turkey-unveils-plan-to-curb-spending-increase-efficiency.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>Turkey will rein in public spending and boost efficiency under a savings plan announced on Monday, launching only essential state investment projects in a fresh move to build confidence in an economic tightening programme.<\/strong><\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-394186586\">\n<div id=\"cypru-780572128\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-7495451477349-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The steps, unveiled by Vice President Cevdet Yilmaz and Finance Minister Mehmet Simsek, come as Turkey returns to more orthodox policies, seeking to boost fiscal discipline and price stability after years of turmoil that fuelled soaring inflation.<br \/>\nAnnual inflation climbed to 69.8 per cent in April and is expected to peak at 75-76 per cent in May before falling to 38 per cent at year-end, according to the central bank forecast in its quarterly inflation report last week.<br \/>\nUnder a policy U-turn since Simsek took office last year, the central bank has already pursued an aggressive rate hike cycle, raising its policy interest rate by 4,150 basis points.<br \/>\nIn the latest move, a package of state savings measures, Simsek said public institutions\u2019 new vehicle purchases and rentals, as well their purchase and construction of new buildings, would be paused for three years.<br \/>\n\u201cWe want to strengthen the economic foundations of our country by ensuring fiscal discipline,\u201d Simsek told reporters.<br \/>\n\u201cDirecting investments to effective areas will be a critical element in this package. We will accelerate structural reforms and make many reforms in public finances.\u201d<br \/>\nSavings would also be made in public sector employment, energy and waste management and communications, he said, without giving a figure for the value of the savings that would be made.<br \/>\nFunds allocated for state institutions\u2019 purchases of goods and services will be reduced by 10 per cent and those for investment will be cut by 15 per cent, while the number of new public sector personnel would be limited to the level of those retiring.<br \/>\n\u201cWe will contribute to disinflation with the fiscal policy steps taken today,\u201d Simsek said. \u201cWe aim to save money by increasing efficiency in the public sector.\u201d<br \/>\nSimsek said fiscal discipline was necessary for lasting price stability, to provide resources to meet the cost of last year\u2019s devastating earthquake and for green and digital transformation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turkey announced a savings plan to rein in public spending and boost efficiency. The plan includes pausing new vehicle purchases and rentals, as well as construction of new buildings for three years. Funds allocated for state institutions&#8217; purchases of goods and services will be reduced by 10% and those for investment will be cut by 15%. The number of new public sector personnel will be limited to the level of those retiring. The goal is to strengthen the economic foundations of the country by ensuring fiscal discipline and increasing efficiency in the public sector.<\/p>\n","protected":false},"author":3,"featured_media":11686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[8625,1902,924,4601,7606,1498,1625,3,59,4777,1763,27,358,569,518,8219,4196,8294,8903,2110,250,3330,1823,67,2828,899,374,2753,3752,6653,2628,9597,3331,4593,5821,4833,4843,5838,5402,583,9865,7309,9496,550,3255,4620,9866,1806,3480,7967,3125,177,3438,9705,9617,884,6886],"class_list":["post-11685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-april","tag-bank","tag-buildings","tag-central-bank","tag-communications","tag-confidence","tag-construction","tag-cyprus","tag-digital-transformation","tag-earthquake","tag-efficiency","tag-employment","tag-energy","tag-finance","tag-finance-minister","tag-finances","tag-fiscal-discipline","tag-fiscal-policy","tag-follow","tag-funds","tag-google","tag-google-news","tag-increase","tag-inflation","tag-institutions","tag-interest","tag-interest-rate","tag-investment","tag-investments","tag-management","tag-money","tag-move","tag-news","tag-office","tag-package","tag-policy","tag-president","tag-price","tag-projects","tag-public-sector","tag-public-spending","tag-purchase","tag-quarterly","tag-rate-hike","tag-reforms","tag-report","tag-savings-plan","tag-services","tag-spending","tag-state","tag-transformation","tag-turkey","tag-vehicle","tag-vice","tag-vice-president","tag-waste","tag-waste-management"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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