Turkish finance minister presents 2014 budget at parliament commission.

By bne IntelliNews October 23, 2013

The process at parliament for discussions on the 2014 budget has been kicked off on Tuesday with a representation made by finance minister Mehmet Simsek at parliament’s budget and planning commission. The commission should finalise its works on the budget until November 22 and then the budget will be sent to the office of parliament’s speaker.

The budget aims at reducing current account deficit, stimulating growth and job creation, Mehmet Simsek said at the presentation. The budget projects a GDP growth of 4%, end-year inflation of 5.3% for 2014 while exports and imports are seen at USD 166.5bn and USD 262bn, respectively.

The 2014 budget targets a budget deficit of TRY 33.2bn (EUR 12bn) (1.9% of GDP) and a primary surplus of TRY 18.8bn (1.1% of GDP). The government’s budget deficit and primary surplus targets for 2013 is TRY 19.4bn (1.2% of GDP) and TRY 31.1bn (2% of GDP).

As of October 21, TRY 58.3bn worth of assets has been registered under the so-called “wealth amnesty” scheme, according to the minister. Actual inflows amounted to TRY 5.5bn and the government collected TRY 111mn tax from these assets, Simsek said.

 

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