The Economic Coordination Board meeting, chaired by Vice President Cevdet Yılmaz, was attended by several ministers including Finance Minister Mehmet Şimşek and Trade Minister Ömer Bolat. The statement released after the meeting highlighted that 20 out of the 81 actions planned under reform arrangements have already been completed as of the first quarter of 2024. Progress has also been made on other actions.
The main focus of the meeting was on accelerating the pace of structural reforms outlined in the medium-term economic program, which is expected to be completed by the first half of 2024. Discussions at the meeting included agricultural production planning and the new support model. The model involves setting target sufficiency ratios for strategic agricultural products to ensure food supply security.
The statement also mentioned that the economic program has been yielding positive results, with a decline in the current account deficit, strengthening reserves, and improvements in risk indicators. Despite these improvements, the unemployment rate remains in single digits. It is expected that annual inflation will significantly decrease in the second half of the year, supported by a tight monetary policy stance, fiscal policies, and incomes policies.
Additionally, the “Public Savings and Efficiency Package” announced earlier in the month is expected to strengthen fiscal discipline and contribute to
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