“The Economic Reform Package, launched by President Recep Tayyip Erdoğan, is a move towards attracting delayed investments into Turkey,” said Minister of Treasury and Finance Lütfi Elvan on March 16.
Answering the questions addressed by Turkey’s national news agency, Anadolu Agency (AA), Minister Elvan emphasized Turkey can seize a window of opportunity with the new reform package.
Touching upon why Turkey needed a reform package, Minister Elvan emphasized the package will be a roadmap for the country in the post-Covid-19 period. “People's lives, behaviors, shopping patterns, commercial lives, whichever area you look at, the post-Covid-19 period gives the signal of change and transformation. We must be prepared for this fast transformation. That is why the economic reform program is extremely important,” he explained.
More Efficient Structure for PPP Projects
The new economic reform package aims primarily to gather scattered public-private partnership (PPP) legislation under a single framework law.
"We have an intention to create a process for PPP projects that will include 11 different regulations and gather these regulations under a single law, so they can operate more effectively,” said Minister Elvan, adding that “with this regulation, a more efficient and flexible structure will be created. The widely dispersed structure of the existing PPP legislation will be eliminated and investors will deal with a single law. With the new framework law, the PPP ecosystem and the investment environment will be further improved. The capacities of the implementation agencies will be boosted. Projects will be carried out more effectively thanks to the strengthened monitoring and evaluation process."
Unveiled on March 12 by President Erdoğan himself, the package includes significant resolutions such as decreasing the share of foreign exchange in total debt stock and introducing new mechanisms such as the Healthcare Industries Directorate, Software and Hardware Industries Directorate, Economic Coordination Council, and the Financial Stability Committee.