Busy international agenda ahead for new economic managers

Published 10.07.2018 22:34

Turkey's new economic administration, announced Monday as part of President Recep Tayyip Erdoğan's new Cabinet, faces a busy international agenda. The first major event on the newly appointed ministers' agenda will be the G20 Meeting of Finance Ministers on July 21-22 in the Argentine capital of Buenos Aires.

The new administration will also look to take some firm steps to curb inflation, unemployment and the current account deficit. It will also focus on the fiscal discipline and permanent solutions to basic structural problems.

Alongside this processes, the ministers will also represent Turkey at international events. Turkey's new Treasury and Finance Minister Berat Albayrak is expected to attend the G20 Meeting of Finance Ministers in Buenos Aires. Argentina on July 21-22.

The ministers from the G20 countries, central bank governors and representatives of international organizations, like the International Monetary Fund (IMF) and the World Bank, will attend the meeting.

The meeting is likely to cover a wide range of issues, including the global economy, the impact of technological changes on economies, participation of the private sector in infrastructure investments, a strong, sustainable and balanced growth framework, international financial architecture, financial regulations, taxes, inequality and employment.

One of the key international meetings for the new economic administration the will be held in Bali, Indonesia between Oct. 8 and Oct. 14. The meeting will be organized jointly by the World Bank Group and the IMF.

A total of 12,000 to 15,000 delegates, including finance ministers from some 189 bank and fund-member countries, members of the press, private sector representatives, banking specialists, representatives of academic institutions and non-governmental organizations, will attend the meeting.

Global financial and economic developments, the global economic outlook, the abolition of poverty and the effectiveness of aid, will be discussed at the meetings. One of the main focuses of Turkey's new economic administration will be the credit rating agencies. Turkey has repeatedly expressed that it expected more objective reports from international credit rating agencies, many of which have been controversial in the past, regarding their outlook forecasts of the Turkish economy.

Fitch Ratings is expected to announce its rating on the Turkish economy on July 13, followed by the Standard & Poor's (S&P) on Aug. 17.

The talks, expected to be held with the representatives of international organizations, including the aforementioned agencies, will be aimed at introducing the reforms planned by the new government and their effects on the country's macroeconomic indicators, along with investment opportunities.

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