New Turk surplus target releases 7 bln lira: Finance Minister

Turkey's lowering of its primary surplus target to 3.5 percent of gross domestic product this year will release 7 billion lira of funds in the budget, Finance Minister Kemal Unakitan said on Friday.

New Turk surplus target releases 7 bln lira: Finance Minister
The previous target was 4.2 percent.

Government officials have said additional funds released due to the new target would be used for investments in the impoverished southeast part of the country.

"Reducing the primary surplus target to 3.5 percent will create funds of seven billion lira in the budget," Unakitan said at an Istanbul Chamber of Commerce meeting.

He also said Turkey's energy costs for 2008 will approach $40 billion. Last year's energy costs were approximately $32 billion.

Turkey has small natural gas or oil deposits on its territory and is a net energy importer, which is expected to weigh heavily on Turkey's bulging current account deficit -- seen ending the year at $45 billion -- as well as inflation.

Reuters
Last Mod: 09 Mayıs 2008, 18:47
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