Turkey doesn't need additional loans

Turkish Deputy Premier Babacan said there no longer exists a need for additional loans such as foreign loans in Turkey

Turkey doesn't need additional loans

World Bulletin/News Desk

Turkish Deputy Prime Minister Ali Babacan stated on Wednesday that Turkey’s public sector owned additional property, along with the treasury, municipalities and state economic enterprises.

Speaking in Istanbul at the 4th Istanbul Finance Summit (IFS), officially sponsored by Anadolu Agency (AA), under the theme of "finance of sustainable expansion," Babacan said there no longer exists a need for additional loans such as foreign loans.

“Rapid economic growth in Turkey comes from the private sector, which takes its source from foreign loans,” Babacan said. “Our private sector seems to take a part of its loan from abroad, however it is actually their [Turkish private sector's] own money.” 

Stressing that Turkey’s assets and equities should not cover only Turkey but also Turks living abroad, Babacan noted cyclical precautions are needed to decrease additional foreign financing. 

Babacan underlined the OECD had indicated that Turkey will grow more than 5% economically in next 10 years, the most rapidly across the world.

The 4th Istanbul Finance Summit (IFS'13), to be held between September 18-19, will host important figures from the global financial world from North America, Europe, the Gulf Region and East Asia. The summit will provide a platform for state-of-the-art discussions on the current condition and future direction of world finance and will bring together leading global policy makers, bankers, corparate financiers and regulators, among others.

The Istanbul Finace Summit is one of the premier financial events in the world. Convening annually in Istanbul, IFS brings together world renowned financial and economic personalities as speakers and representatives of major financial and economic businesses as participants.

Last Mod: 18 Eylül 2013, 15:42
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