T.R. MINISTRY OF FINANCE

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T.R. MINISTRY OF FINANCE
CRISIS MANAGEMENT IN TURKEY

• 7th OECD-ASIAN SENIOR BUDGET OFFICIALS ANNUAL
  MEETING
• Bangkok, 4-5 February 2010

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Contents
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Reforms After 2001 Crisis
Abolishing budgetary and extra-budgetary funds
Establishing regulatory and supervisory agencies
Reforming public debt management
Increasing independency of the Central Bank
Reform Areas
Introducing MTEF and performance budgeting
Privatization
Reforming revenue administration
Increasing transparency and accountability
Reforming public financial management and
control system
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Success in Fiscal Consolidation
Economic and Fiscal Discipline
Fight Against Inflation
Fight Against Informal Economy
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Fiscal Consolidation
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Effects of Global Crisis on Turkish Economy
Positive Effects
Negative Effects
Decrease in inflation
Decrease in production
Decrease in export
Decrease in interest rates
Recession
Increase in debt stock
Decrease in CA deficit
Increase in budget deficit
Decrease in import
Increase in unemployment
Negative economic expectations
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Cost of Stimulus Packages
(Millions of TL) 2008 2009 2010 2008-2010
Revenue Measures 30 4.077 1.748 5.855
Expenditure Measures 7.880 17.217 21.141 46.237
Direct Impact on the Budget 7.910 21.294 22.889 52.092
In Percent of GDP 0.83 2.25 2.22 5.31
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Medium Term Targets
Medium-Term Program
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