World Bank to allocate $35 billion to Türkiye

The World Bank (WB) plans to provide Türkiye with a $35 billion aid package to implement its medium-term economic program, Turkish Finance Minister Mehmet Simsek said, Report informs via TASS.

“The head of our Central Bank and I had a long meeting with the president of the World Bank. We talked about our program. The World Bank said that they would allocate another $18 billion in addition to the already planned $17 billion to support our program. In total, Türkiye will be provided assistance package from the World Bank worth $35 billion,” he said. The Turkish authorities last week unveiled a comprehensive program designed for three years and aimed at correcting the crisis in the country's economy.

Simsek noted that one of the main components of Ankara’s medium-term program is the effective fight against inflation. "The program will return inflation to a reasonable level, to single digits. This is the most important goal - to reduce inflation to single digits within three years. It is difficult, but it is possible," he said.

Inflation in Türkiye may exceed 65% by the end of 2023. However, according to the government program, it should be 33% 2024 and gradually fall to 8.6% in 2026.