Treasury and Finance Minister Mehmet Şimşek described on Sunday his recent contacts in the U.S. within the scope of International Monetary Fund (IMF)-World Bank meetings as "productive," also highlighting investor talks and bilateral meetings he held.
"We had very productive contacts in the U.S., where we attended the World Bank and IMF annual meetings and the G-20 Finance Ministers meeting," Şimşek wrote in a social media post.
He also said they also met with investors at "well-attended meetings organized by investment banks."
"We shared the resilience of the Turkish economy, the tangible progress made in our program, and our strong investment potential," the minister further said.
Şimşek stands at the forefront of new economy team, which was tasked with lowering inflation following the elections in 2023. He led a shift to more conventional economic policies including raising interest rates to curb soaring prices.
Following a transition period, and amid a continued period of disinflation since middle of the last year, the annual increase in prices has slowed down to as low as 33.29% in September compared to around 75% in May 2024.
The minister, along with Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan, was in U.S. this week for talks with investors, sharing key updates on policies, disinflation and growth of Turkish economy.
Karahan also delivered a presentation in Washington on Oct. 15 titled "Challenges in reading macroeconomic data in Türkiye," where he highlighted topics such as credit card use and e-invoicing among companies.
IMF-World Bank meetings came at the time of renewed tensions between U.S. and China following Beijing's decision on restrictions of rare earth exports but have gathered numerous policymakers from around the world.
Earlier this week, during his speech at the Institute of International Finance (IIF), Şimşek said the authorities expected to "probably close this year at 30%," while referring to inflation goals.
"Last year it was 44%, and the year before that it was 65%. We hope to finish next year at around 10% and the year after that in single digits," he said.
Among others, he also pointed out that last year, when gold is excluded, a current account surplus was achieved, and that a similar situation is seen this year. "I believe that by maintaining the current account deficit at reasonable levels and continuing the structural transformation, we will return to a more sustainable high-growth path," he noted.
Şimşek also stated on Sunday that he held bilateral meetings with many of his counterparts on deepening economic cooperation and increasing trade and investment. Moreover, he stated that they exchanged views with senior executives of multilateral development banks, civil society organizations, and think tanks.
"We are pleased to observe the growing confidence and interest in the Turkish economy," he said.
