Turkish Treasury and Finance Minister Lutfi Elvan discussed with his Uzbek counterpart Timur Ishmetov areas of cooperation between the two countries.

This came during a meeting between them in the Uzbek capital, Tashkent, on the sidelines of the annual meetings of the Islamic Development Bank, according to a tweet posted by Mr. Elvan through his Twitter account on Saturday.

“We had a fruitful meeting with Uzbek Finance Minister Timur Ishmetov, during which we discussed areas of financial cooperation between our two countries,” he said in his tweet.

Yesterday, Elvan met with the Minister of Investment and Trade of Uzbekistan Sardor Umurzakov, and the President of the Islamic Development Bank, Muhammad Suleiman Al-Jasser, on the sidelines of the aforementioned meetings.

The annual meetings of the Islamic Development Bank began on August 31, and end on September 4, in the conference hall in Tashkent, the capital of Uzbekistan.

The Islamic Development Bank is a multilateral development bank that works to improve lives.

By promoting social and economic development in Muslim countries and societies around the world, and making an impact on a large scale.

The bank includes in its membership 57 member countries on four continents, and it is headquartered in Jeddah, Saudi Arabia.

It has main centers in Morocco, Malaysia, Kazakhstan, and Senegal, and intermediary offices in Egypt, Turkey, Indonesia, Bangladesh, and Nigeria.

The post Finance Ministers of Turkey and Uzbekistan discuss areas of cooperation appeared first on Move 2 Turkey.

Turkish Treasury and Finance Minister Lütfi Elvan announced on Friday that he expects the country’s economy to grow by more than 8 percent during 2021 in the absence of any external shock related to the Corona pandemic.

In a speech during the businessmen’s forum program in the state of Kocaeli (northwest), he added that he expects the second quarter of this year to register a growth of more than 20 percent thanks to the strong recovery in production, exports, and services.

He explained that the trend of a gradual recovery in the services sector, especially in tourism, continues with the increase in the vaccination rate in the country.

He pointed out that the ministry is making great efforts to stand by the contributors in production, exports, and employment.

He stated that 2020 was a year full of struggle, with all kinds of economic and social systems being tested across the world.

He pointed out that the global economy experienced the deepest downturn in the post-World War II period when millions of people lost their jobs.

He stressed that the new strain of the Coronavirus raises questionable questions about the strength and sustainability of the economic recovery at the global level.

He stressed that the epidemic period brought with it three main problems related to the prospects for the global economy, the first being the increase in inflation rates worldwide.

Due to the decline in economic activities, the imbalance between supply and demand, and the rise in commodity prices.

He added that the second major problem is the disruption of the supply chain, while the third problem is the high rates of debt in many countries.

The post Turkish Minister: Expectations of 8% growth in the Turkish economy appeared first on Move 2 Turkey.

After President Recep Tayyip Erdogan announced his human rights action plan this week.

Attention has turned to the economic reform package that will be shared with the public next week.

In addition to the economic policies that have been changed and assessed since November, the determination to implement reforms indicates that the path to achieving a rating increase in the country’s economy will be shaped.

The economic package, which includes macroeconomic stability and structural policies, which has been studied for a long time under the leadership of Treasury and Finance Minister Lutfi Elvan, is expected to be announced by President Recep Tayyip Erdogan next week.

By announcing the package to the public, President Erdogan stated that they would once again demonstrate their determination to develop the country on the basis of stability and confidence.

The economic package that will be announced is expected to contain a number of elements that support sustainable growth, reduce inflationary pressures and respond to structural fragility.

As it is considered that the policies that will be implemented will renew the confidence of foreign investors and increase the image and credibility of the state.

Macroeconomic stability and structural policies will also be at the heart of the announced package.

Priority will be given to combating inflation, the current account deficit, the financial sector and the public finances.

The reforms will focus on macroeconomic stability and structural policies.

In the context of macroeconomic stability, priority will be given to combating inflation, the current account deficit, the financial sector and public finance.

In terms of structural policies, there are steps for institutional architecture, investments and competition policies.

The maintenance of allowances

Focusing on fiscal discipline and savings is at the forefront of the pack.

Ministries may not spend more than the allowance unless it is mandatory, and even save in their allocations.

The new system will also be used in public procurement tenders.

And the state’s economic institutions will be restructured.

The priority is to fight inflation

Permanent measures will be developed to ensure price stability.

New policies will also be implemented in relation to capital market development.

The post Eyes are on Turkey’s economic reform package appeared first on Move 2 Turkey.