Progress On Turkish Budget

February 2004
Emerging Europe Financial Alert;2/16/2004, Vol. 2 Issue 37, p6
Industry Profile
Industry Overview
Officials at Turkey's economy ministry have lowered their estimates for additional measures to enhance revenue-raising and cut expenditure required by the International Monetary Fund (IMF) to offset increases in state salaries and pensions at the start of 2004, to below TRL3. The reason given was that the 2003 primary fiscal surplus came in above its 5.0% of GNP target, at 5.03%. While it might prefer the government to err on the side of caution, the board has so far shown understanding of Prime Minister Tayyip Erdogan's dilemma ahead of local elections on March 28. Moreover, the IMF will have been reassured by the news that Turkey's High Privatisation Board (OYK) has approved the sale of the state's 65.76% stake in oil refiner Tupras to a consortium of Germany-registered holding group Efremov (the investment vehicle of Russian oil company Tatneft) and local conglomerate Zorlu, for US $1.3bn.


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