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The schedule of the Economic Reform Action Plan was announced, which was announced by President Recep Tayyip Erdogan on March 12, aimed at growing the economy on the basis of investment, production, employment and exports, and the roadmap of relevant ministries and institutions.
In announcing the calendar of Reforms in the Economy, Minister Elvan said in a post he made on Twitter: “We have completed the calendar of our economic reforms. You can access it from the website of our Ministry. Good luck.” dropped the grade.
The 10 main themes highlighted in the Economic Reform Action Plan are as follows:
Public Finance, Price Stability, Financial Sector, Current Account Deficit, Employment, Corporate Governance, Investment Promotion, Domestic Trade Facilitation, Competition, Market Surveillance and Inspection
In accordance with said schedule, all the actions of the Economic Reform Package will be completed in March 2023.
HERE ARE THE DETAILS OF THE REFORM
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In the plan; Under the main headings of Public Finance, Price Stability, Financial Sector, Current Account Deficit, Employment, Corporate Governance, Investment Promotion, Domestic Trade Facilitation, Competition, Surveillance and Market Inspection, the term of each action, It was reported how to implement a regulation.
between the institutions and organizations responsible and relevant Actions, the ministries, the Central Bank, the Department of Strategy and Budget of the President, the Presidential Office of Human Resources, the Banking Regulation and Supervision Agency, the Capital Markets Board, the Agency Regulation and Supervision of Insurance and Private Pensions of Turkey Institutions of the Institute of Statistics and Borsa Istanbul were carried out as municipalities and public administrations.
Consequently, within the framework of simplifying the budget preparation process, until June 30, 2021, the objective of converting the Medium-Term Program (PMP) and the Medium-Term Fiscal Plan (OVMP) into a single document will be implemented. .
In line with the objective of sharing the results of budget execution with the public on a quarterly basis with the “Public Finance Report”, which includes the developments and objectives of public financial policy, the report, which includes the developments of the first quarter of 2021 , will be released in May 2021. Continuity will be provided on a quarterly basis.
Regulations that will prevent increased local government debt and ensure debt sustainability will be implemented before the end of the year.
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Until the end of June, all social assistance data (including those provided by municipalities) will be integrated into the Integrated Social Assistance Information System for the effective distribution of social assistance.
LIMITATION OF VEHICLE EXPENSES
Strict restrictions will also be imposed in areas of spending such as car buying and rental, representation and hospitality in the public sector until the end of June.
The objectives of reducing the share of foreign currency debt in the total debt balance, increasing the average maturity of loans, focusing on fixed income instruments and Turkish liras in the composition of debt, using currency auctions A balanced distribution of the repayment profile has been made as an effective debt management tool for the plan.
The objective of eliminating the duty of declaration exempting from the income tax of approximately 850 thousand merchants, such as barbers, hairdressers, plumbers, haberdashery, carpenters, body builders, tires, towers, tea shop operators, tailors and repairmen, who are taxed Simply put, it will be implemented before the end of the year.
Its objective is to complete the update of the Tax Procedure Law to encourage voluntary compliance before the end of the year. The goals for digital transformation in tax practices are also expected to be implemented by the end of the year.
Reform measures towards public procurement tenders will also be completed by the end of the year.
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The Price Stability Committee, which will be established to monitor inflation dynamics in order to ensure price stability, assess shocks that pose risks to the disinflation process, determine and administer the necessary measures, will be established by the end of June. Committee; Treasury and in coordination with the Ministry of Commerce, Industry and Technology, Agriculture and Forestry, Ministry of Energy and Natural Resources, Department of Strategy and Budget and the Central Bank of the Republic of Turkey.
Climate, disasters and changes in the behavior of crops affect food prices, which have a significant weight in the inflation basket, and cause fluctuations. To prevent these fluctuations and reduce their impact on inflation, the Early Warning System will be established until September 30, 2021.
It is expected that the Hal Law Proposal, which will also reduce intermediation costs in the prices of unprocessed foods, will be presented to the TGNA until December 31, 2021.
The objectives of implementing the Loan Life Cycle Project and establishing operational restructuring and rehabilitation functions of firms in the banking sector for loans under close supervision will also be implemented by September 30. The necessary incentive and precautionary mechanisms will be established until the end of the year to exclude non-performing non-viable loans from the balance sheet through methods such as sale to asset management companies and asset derecognition.
By the end of the year, a separate Participation Financing Law will be prepared, the participation financing sector regulated by various laws will be brought together under one roof, and the “participation financing qualification” system will be implemented.
“TROY”, the country’s brand in card payment systems, will be structured in a separate company until June 30.
The Central Bank will establish the economic, technological and legal infrastructure of digital money by the end of the year.
NUTRITIONAL REGULATIONS FOR CHILDREN UNDER 18 YEARS OLD AT THE END OF JUNE
Arrangements to ensure that minors under 18 are included in the private pension system will be made until June 30. Again, with the arrangements to be made in this process, it will be possible to transfer the savings in private pension institutions (such as pension funds, foundations, etc.) to the PPS by the end of 2023 with attractive opportunities.
In a way that will strengthen the Istanbul Finance Center to be a global hub in the fintech field, a “regulatory experimentation area” (sandbox) in the payments field will be established until March 31st.
The guarantee of the Credit Guarantee Fund (KGF) to reduce the structural current account deficit and the long-term credit support for investments that prioritize import substitution and exports in regions 5 and 6 will be implemented by the end of June this year.
The Health Industries Presidency and the Software and Hardware Industries Presidency under the Presidency will also be established later this year.
Until the end of this year, the use of national goods in construction works will be regulated and guarantees for the purchase of national products will be introduced for products from strategic sectors.
In addition, a National Circular Economy Action Plan will be prepared to support the green transformation until the end of 2021, and the electric vehicle charging infrastructure will be put into practice.
STEPS TO EMPLOYMENT WILL BE TAKEN QUICKLY
For each additional person who contributes to the employment of micro and small businesses, which are included in the actions to increase employment, by the end of June support for access to credit of 100,000 lire with a KGF guarantee will be implemented.
The national youth employment strategy document will be prepared and implemented at the end of September in order to increase youth employment.
The regulations to clearly establish the period of weekly vacation, paid annual leave, and the right to severance pay for part-time employees will be completed at the end of the year.
IMPORTANT STEPS WILL BE TAKEN IN THE FIELD OF “CORPORATE GOVERNANCE” IN THE ECONOMY
Within the framework of the main Corporate Governance action, the duties and responsibilities of the Financial Stability and Development Committee will be reviewed and structured as the Financial Stability Committee (FİK) until June of this year.
The Economic Coordination Board (EKK) will meet at the end of June under the chairmanship of the Vice President. The board will meet periodically every month and will publish a report every 3 months.
TURKSTAT will be transformed into a “related institution” structure at the end of June.
THE INVESTMENT INCENTIVES SYSTEM WILL BE REFORMED
Studies on the Private Sector Investment Protection Law will be completed by the end of this year.
Until the end of this year, the Investment Incentive System will be reformed, the existing incentive system will be simplified and a selective and timed structure will be made.
In March 2022, an independent Market Surveillance and Supervision Agency will be established in order to consolidate the structure that operates through different administrations, guarantee uniformity of implementation and avoid duplications.
The Economic Reform Action Plan will be completed in March 2023 with the fulfillment of the objective of “establishing the infrastructure of the system for electronic accounting”.
We have completed the calendar of our Economic Reforms.
You can access the website of our Ministry.
Best wishes.
➡️https: //t.co/CEdZjbJiUq pic.twitter.com/a22mpHbs0r
– Lütfi Elvan (@lutfielvan) March 23, 2021
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