Timeline of Economic Reform Action Plan

3/24/2021

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The “Economic Reform Action Plan”, which includes responsible and relevant authorities, regulations to be conducted and calendar of the actions specified within the scope of the “Economic Reform Package” announced by the President on 12.03.2021, has been published on the official website of the Turkish Treasury and Finance Ministry on 23.03.2021.
In accordance to the plan, most actions will be implemented over the 6-month periods of 2021 and 2022; while some actions will be implemented in the 9th month of the relevant year or become continuous.

The Economic Reform Action Plan includes several actions under 10 main titles including Public Finance (ensuring expenditure discipline, strengthening public debt management, simplifying taxational regulations, taking investor-friendly predictability-booster steps, reforming public procurement tenders, enacting public-private cooperation framework law and reforming public economic enterprises); Price Stability (establishing price stability committee, setting up an early warning system for preventing price fluctuations due to climate, diseases and harvest); Financial Sector (improving asset quality of the banking sector, strengthening the capacity of assest management companies, empowering non-interest financial system, improving corporate structure of the financial sector, strengthening capital markets, increasing financial inclusion); Current Deficit (decreasing the structual current account deficit, spreading of exports to the base, increasing the competitiveness of exporters, Establishing a precious metals and stones market in line with international standards, supporting green transition in the industry); Employment (revising employment incentives, providing employment financing convenience, taking steps for increasing youth employment and quality of labor force, popularizing new generation working methods, accelerating labor force transition to future jobs); Corporate Governance (establishing financial stability committee and economic coordination committee, strengthening institutional structures); Invesment Incentives (enacting a law to protect the private sector investments, reforming the state’s support and incentive investment system); Easing Domestic Trade; Competitiveness (preparing a bill to regulate digital markets); Market Surveillance (establishing market surveillance institution).

You may find the full text of the Economic Reform Action Plan here.

Öykü Beste Bayram, Associate


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