Turkısh Treasury: Draft Fıscal Rule To Reduce Debt Stock To 30% Of Gdp

Turkish Treasury Undersecretary Ibrahim Canakci said Wednesday a draft fiscal rule would reduce the country's debt stock to some 30% of gross domestic product within five to 10 years andto some 15% of GDP in the very long-term.

Speaking to reporters, Canakci said the country's debt stock was around 45.5% of GDP last year.

In March, Turkish Finance Minister Mehmet Simsek had said that draft fiscal rule legislation was at a final stagethat he hoped to bring it to the Turkish parliament in the first half of this year.

Turkey will set benchmarkstargets for the budget deficitpublic debt levels under the planned fiscal rule.

Canakci said the counrty's budget deficit would narrow to 1% of GDP by the 10th year of fiscal rule.

Turkish Economy Minister Ali Babacan said Tuesday that the draft fiscal rule law would be approved by the Turkish parliament before its summer recess in July.
(YC-YC-E-ENG)