5/5/2008

Turkey's new program aims to boost competitive power

The New Anatolian - Turkey's State Minister for the Treasury Mehmet Simsek said a new medium-term economic program aimed at increasing competitive power and solve the employment problem. "The new program draws a clear road map for the next 4-5 years for structural reforms and it offers a perspective to speed up investments on infrastructure, to keep inflation under control and to prevent current deficit from getting worse," Mehmet Simsek told a press conference on Saturday. Simsek said the government followed a determined policy on financial discipline and privatization. "The outcome is that we have met the Maastricht criteria for the last 4 years in public debt stock, which is well above the average of 27 EU countries," Simsek declared. "However, loosening of the financial discipline is out of question," he stressed. Simsek said there were no major indicators that Turkey's economy was facing "a serious slowdown," adding that it was too early to talk about a stagflation. The state minister said the government was still determined to target a single-digit low inflation rate, adding it would work in close cooperation with the Turkish Central Bank to maintain price stability and sustainable growth.