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Turkish Finance Minister Mohammad Shimsek and Central Bank Governor Fatih Callahan will travel to the United States on Tuesday to attend the spring meetings of the Board of Governors of the International Monetary Fund (IMF) and state bank World Bank Group (WBG). Report.
The meeting brought together central bank governors, finance and development ministers, parliamentarians, private sector executives, representatives of civil society organizations and academia to discuss issues of global concern, including world economic prospects, poverty eradication, economic development and aid effectiveness.
In addition, there are seminars, regional briefings, press conferences and many other events focusing on the global economy, international development and the world’s financial system. Major ministerial meetings and events are scheduled to take place from April 17 to 19, with other events from April 15 to 20.
Şimşek and Karahan are expected to attend Wednesday’s conference in Washington, D.C., where they will meet with investors and serve as speakers at a number of events.
Şimşek will also participate in another investor meeting in New York on April 22, where he will discuss Turkey’s new economic policies, goals and reforms in the medium-term economic plan.
Turkey in June began dismantling the unconventional, growth-at-all-costs economic policies that President Recep Tayyip Erdogan had pursued for years until he was re-elected in May. Shimshek and the central bank are leading efforts to curb runaway inflation and put the nearly $1 trillion economy on a more sustainable path.
Observers believe that Turkey’s current high inflation rate exceeds 65% and the lira continues to depreciate, resulting in a significant decline in the purchasing power of Turks. This is one of the main reasons why Erdogan’s ruling righteousness and justice lose support. ) to participate in the local elections on March 31.
After the central bank decided to raise key interest rates to 50%, interest rates hit record highs as inflation soared.
The move marked a major departure from the country’s previous economic policies and sparked criticism of the Justice and Development Party government’s handling of economic issues.
There have been attempts for some time to deliberately set the agenda with fake news.
What we care about is serving the country and we have a busy agenda. We still have a lot of work to do to solve our country’s problems and improve its potential and performance in this difficult geography.
To reduce inflation,…
— Memetsimsek (@memetsimsek) April 16, 2024
Meanwhile, Shimshek on Tuesday denied what he called “false reports” that President Erdogan was uneasy with the economic policies of Shimshek’s team. The minister said on the 1st that Erdogan has fully supported their economic plan from the beginning and that his team is determined to reduce inflation, reduce the current account deficit, establish budget discipline and solve the structural problems of the economy.
Simsek said that when the economic plan achieves its goals, the prosperity of the Turkish people will permanently improve.
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