The Turkish parliament on Tuesday, April 24, adopted a law introducing new regulations governing the state expropriation of private property, listed among priority reforms to drag the country out of a severe economic crisis.
Under the legislation, the state is able to expropriate property only if it has sufficient funds or is able to offer another property in exchange.
It also stipulates that the value of the property to be expropriated is to be determined by a board of architects and engineers.
The bill appoints courts to determine the cost of the expropriation process, which is to be borne by the state.
It also allows the owners of an expropriated property the right to buy it back if the state no longer needs the property.
The expropriation law was one of several priority bills outlined to tackle economic turmoil, which forced the Ankara government to float the Turkish lira in February, sending the currency plunging against the dollar.
The move also disrupted a three-year anti-inflation program backed by the International Monetary Fund (IMF), and forced the revision of macro-economic targets.
The legislative reforms are central to an ambitious new economic program announced two weeks ago to put the country back on track and to secure $10 to $12 billion in foreign aid. — (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)