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Minister Nabati: We will be able to reduce inflation in a short time

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Nureddin Nebati, Minister of Treasury and Finance, made a presentation on the additional budget of 2022 at the General Council of the Grand National Assembly of Turkey.

In his presentation, Minister Nebati stated that public finance continues to be one of the strongest sides of economics despite all the negative developments in the world, and that they have never and will not compromise on fiscal discipline until today.

Nebati said that the budget targets and projections for 2022 were determined based on the macroeconomic outlook in the second half of 2021, but the rapidly rising inflation in the world, the thoughts in the field of supply chains and logistics, record levels in commodity prices and geopolitical tensions caused changes in the macroeconomic outlook and assumptions in Turkey as well as in the rest of the world. noted that it caused Minister Nabati stated that they have increased the income assumption and appropriations in the budget by taking these developments into account, and that they have prepared an additional budget proposal that focuses on the citizens.

Stating that the global economy experienced the biggest contraction after the Second World War in 2020, and that inflation affected the whole world before the wounds of the epidemic were fully healed, Nabati said that the Russia-Ukraine war deepened the ongoing global problems, and that inflation was the highest in many countries in the last 40 years. He said he had reached the level.

Listing some global economic information, Minister Nebati said, “We are going through a period in which global inflation rates increase, the cost of living is experienced, financial conditions tighten, growth slows down and tensions increase in international relations. The Turkish economy, which is integrated into the global economy, is naturally affected by these strong conditions. In particular, power importing countries like us are exposed to cost shocks. made evaluations.

Indicating that Turkey has recorded successful growth information, Nebati said, “We find it important that the growth has a stable outlook as well as the growth rate. Our economy grew by 7.3 percent in the first quarter, the contribution of domestic demand to growth is 3.9, and the contribution of foreign demand is 3. It has been 5 points. Machinery and equipment investments, which have increased our production capacity and growth potential, have been growing continuously for 10 quarters as of the last quarter of 2019. Leading indicators point out that the positive outlook in economic activity continues.” spoke form.

“EXPORT RECORD OF REPUBLIC HISTORY”

Pointing out that exports broke records one after the other, Nebati continued as follows:

“In May 2022, our exports reached the highest level in the history of the Republic with an annual rate of 242.6 billion dollars. Today, Turkey always increases the diversity of both the country and the works in exports. The number of works to which we currently export over 1 billion dollars has increased from 9 in 2002 to 51; The number of countries increased from 8 in 2002 to 49. On the other hand, our country increased its share in tourism from the world to 2.8 percent in 2021. Today, As a result, the current account deficit, which decreased to 13.7 billion dollars in 2021, became 25.7 billion dollars per year with the prestige of April. However, when evaluated excluding power, the current processes stability gave an annual surplus of 35.2 billion dollars in April. This result It is the output of the Turkish Economic Model.”

“INFLATION IS A BIG CONCERN FOR BOTH US AND THE WORLD”

Emphasizing that inflation is a major concern both Turkey and the world, Nebati said, “As a country, we have a lot from inflation in the past. We have dealt with inflation since the moment we came to power and achieved success. We “We continue to continue and we will succeed in reducing inflation in a short period of time. In this process, we are making maximum efforts to ensure that our citizens are less affected by price increases.” he said.

“WE WILL CONTINUE WITH FINANCIAL DISCIPLINE”

Pointing out that they have implemented a reform-like regulation by excluding the minimum price from tax since the beginning of 2022, Minister Nebati said, “Thus, we have abolished the income and stamp tax above the minimum price. In addition, we have ensured that the prices of all wage earners that hit the minimum price are not taxed. ” he said.

Emphasizing that the taxes of the citizens no longer go to interest but to service, Nabataean stated that while 86 liras of every 100 liras of tax collected in previous periods were spent on interest, only 15 liras of every 100 liras of tax collected this year is expected to be paid to interest.

By listing the information on the additional budget for 2022, Minister Nebati said, “We will continue to pursue fiscal discipline with determination in the coming period. We will implement our fiscal policy with a transparent, selective and goal-oriented approach, by continuing to observe the needs of all our citizens, especially our workers, shopkeepers, farmers, and our real sector. ” said.

Nabati wished the additional budget of 2022 to be good for the country and its citizens.

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