18 billion dollars loan from World Bank to Turkey… Prof. Dr. Remarkable comment from Hakan Kara – Last Minute Economy News
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Minister of Treasury and Finance Mehmet Şimşek gave information about the cooperation process with the World Bank (WB) covering the 2024-2028 fiscal years; In this context, it was announced that the program in which the World Bank (WB) would provide an additional 18 billion dollars of financing to Turkey in the first three years had come into force.
Hakan Kara, former Chief Economist of the Central Bank of the Republic of Turkey (CBRT), expressed his views on this loan agreement in the message he shared on his
Prof. Dr. Kara explained the reasons for his positive view of the World Bank loan in four points:
one) Long-term financing with favorable conditions
2) Strengthening the message of the economic management, which has relied on the Gulf and Eastern capital for a while, to turn to the West
3) Showing the World Bank’s confidence in the country’s potential
4) Reducing the burden of transformations that create serious external financing needs, such as earthquakes and green economy.
Hakan Kara wrote the following about the “turning towards the West” comment being taken in the wrong place:
What I mean is that some Gulf countries are turning to transparent and well-framed financing sources rather than agreements based on personal relationships.
Although the loan agreement with the World Bank does not change the course of the economy, it is a positive development in many respects:
1) Long-term financing with favorable conditions
2) The message of the economic management, which has been relying on the Gulf and Eastern capital for a while, to turn to the West…— Hakan Kara (@ali_hakan_kara) April 12, 2024
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