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Turkey pledges $ 14.3 billion in economic support during pandemic




Recep Tayyip Erdogan ent in Ankara, Turkey, 2020. Photo: EPA-EFE / TURKISH PRESIDENT PRESS OFFICE

Turkish President Recep Tayyip Erdogan announced on Wednesday an economic package worth 100 billion lire (14.3 billion euros) to fight the impact of the coronavirus epidemic on the Turkish economy.

Erdogan said the Turkish government will do everything possible to protect the country's economy and businesses.

Our economy performed well during the crisis and we are now introducing the economic stability shield program to reduce the effects of the COVID-19 pandemic on our economy, Erdogan said in Ankara, where he spoke in public for the first time after a week.

The package includes measures for the deferral of tax rights, loans and social insurance payments, as well as several incentives for Turkish companies and citizens.

There will be a six-month postponement of tax and social insurance payments for all businesses operating in a wide variety of retail, iron and steel, iron and steel industries. logistics and transportation, food and beverage, automotive, film and theater, textile, management companies, housing and hospitality.

The government has also pledged to financially support its export companies.

He increased the state credit guarantee fund from 25 billion lire to 50 billion lire to protect private banks.

Erdogan asked all financial institutions not to cancel existing loans and to relax the conditions for granting new loans.

Credit payments to Halk Bank (one of the public banks) for our small and medium-sized businesses in April, May and June are also postponed for three months, he said.

A new fund of two billion lire (285 million euros) for poor families affected by the coronavirus epidemic has also been announced.

The government package includes several benefits for the elderly, who are most vulnerable to the coronavirus.

Pensions for people aged 70 and over will be paid to them at home, and an additional month's pension will be paid into their accounts in April.

The Turkish president urged the public to stay at home if possible.

The home stay policy could last three weeks, he said, stressing that social estrangement and personal hygiene are the most effective means of protecting yourself from COVID-19.

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