Minister Şimşek Highlights Current Account Deficit

Minister of Treasury and Finance Mehmet Şimşek stated in his remarks regarding the balance of payments data that the annual current account deficit has decreased by approximately $48 billion compared to May 2023, falling to $7.7 billion. In a post on his social media account, he expressed that they expect the current account deficit to remain below 1% of national income in 2024.

Şimşek emphasized that they will continue policies aimed at increasing domestic and renewable energy capacity and promoting value-added production to make this positive development permanent. He announced that steps would continue to reduce Turkey's dependence on external factors and achieve sustainable growth.

Regarding external financing, Minister Şimşek also provided information about financing obtained through international collaborations. He noted that affordable financing has reached $7.7 billion this year and mentioned that the $1.2 billion approved by the World Bank will be used to strengthen transportation and health infrastructure and enhance the resilience of the agricultural sector. He added that the total financing obtained from the World Bank has reached $5 billion and that Turkey ranks among the countries providing the most financing for development-focused projects from international organizations.