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The newspaper reports on the first step taken by the Turkish government in 20 years.

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The newspaper reports on the first step taken by the Turkish government in 20 years.

The Zaman newspaper reported that the ruling Justice and Development Party had submitted to Parliament a proposal signed by President Recep Tayyip Erdogan to approve a supplementary budget, in what was called the first step in 20 years.

This opposition newspaper commented on the move, stating that the move was made “in light of the high monetary inflation rate of 73.5 percent and the continued depreciation of the lira against foreign currencies.”

This proposal by the ruling Justice and Development Party in Turkey, entitled “Law to Amend the Central Administration Budget Law for 2022”, included a request to add “deductions to the budget mechanisms of ministries in the amount of about 817 billion and 271 million 632 thousand lira, and budget measures for departments with special budgets of about 63 billion 203 million 143 thousand pounds.

It also stated that “allocations will be added to about 40.5 percent of the base appropriations for items including (personnel costs) and (expenditure of state benefits to social security institutions) contained in the budgets of government departments, and about 20.2 percent of the core appropriations for items associated with (presidential appropriations).”.

In addition, “The President will be authorized to make additions to the budgets of the respective departments for appropriations for treasury subsidies against additional appropriations to be made.”

It is expected, according to the same newspaper, that the revenues of the treasury under the Central Administration Budget Act for 2022 will increase by about one trillion 80 billion and 515 million 421 thousand pounds.

In this regard, it was noted that the additional budgetary resources were based “on taxes, since the additional budget will include £83 billion 597 thousand 525 tax revenues, 36 billion 522 million 40 thousand pounds of project and property income, 116 billion and 24 thousand pounds of other income and one billion pounds of other income. And 702 million and 700 thousand pounds of capital gains.”

Notably, the latest additional budgets requested by the Turkish government took place “during the crises of 1995 and 2001”.

source: time

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