TURKEY: Third new resource package announced

06 December 1996

A third package aimed at raising fresh financial resources totalling about $10,000 million was announced on 25 November by Prime Minister Necmettin Erbakan. Together with two earlier packages assembled by the government, the package aims to help achieve a balanced 1997 budget (MEED 1:11:96)

The new revenues will be raised largely through the leasing of power plants and transmission lines (MEED 29:11:96). Erbakan said the coalition aims to raise about $6,900 million from the leasing of a total of 35 hydroelectric and thermal power plants, as well as 25 electricity distribution networks.

Other measures will include: taxing the unofficial 'suitcase trade' with foreigners; granting state pensions to expatriate workers, regardless of how long they have worked abroad, provided they deposit $12,500 in a Turkish bank; halving the interest on debts to public services if debtors repay the principal; taxing securities purchased abroad; and bulk sale of Turkish road and bridge toll tickets.

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