Turkish domestic debt stock reached TL59,210 trillion at the end of April—a 15 percent rise comapred to the TL50,850 trillion figure at the end of March, reported the Turkish Treasury.
It is forecasted that by the end of the year, Turkey’s domestic debt will account for 78 percent of the country’s GNP (gross national product), due to the heavy borrowings needed to bail-out the banking sector and to proceed with reforms.
The two financial crises that took place since November have significantly increased the cost of borrowing—making debt management increasingly difficult for the Turkish government. — (MENA Report)
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