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World Bank official says Turkey's economic U-turn 'step in right direction’

The comments from the institution’s Turkey director follow the Turkish government finally raising interest rates to battle inflation. But the Turkish economy is still struggling.
This photograph taken on June 9, 2023, shows the Central Bank of Turkey, in Ankara.

An official from the World Bank praised Turkey’s new economic policies on Thursday and pledged more support as the country continues to battle an economic crisis.

Humberto Lopez, the World Bank’s country director for Turkey, touted the Turkish government’s actions “to restore macroeconomic stability” in an interview with Turkey’s official Anadolu news agency.

“We believe that the monetary policy tightening being implemented by the central bank, the unwinding of distortive financial regulations and the fiscal revenue measures to curtail the fiscal deficit being pursued by the Ministry of Finance are steps in the right direction,” said Lopez.

Lopez added that the World Bank plans to add another $18 billion to its exposure in Turkey over the next three years in response to the government’s actions. This will add to the $17 billion in World Bank programs currently in Turkey.

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