'Family and Youth Fund Regulation' published in the Official Gazette

The regulation regarding the Family and Youth Fund has been published in the Official Gazette with the signature of President Recep Tayyip Erdoğan and has entered into force. With this regulation, the working procedures and principles of the Family and Youth Fund, as well as the details regarding the transfer of resources from the fund, have been determined.

The purpose of the fund can be summarized as strengthening the institution of the family, protecting young people against social risks, and providing support for their development and initiatives. The fund was established under the Ministry of Treasury and Finance.

The Board of Directors of the Family and Youth Fund consists of five members, and the chair of this board is the Deputy Minister of Treasury and Finance. The other members are the Deputy Minister of Family and Social Services, the Deputy Minister of Youth and Sports, the Deputy Minister of Energy and Natural Resources, and the Deputy Minister of Industry and Technology.

The Board of Directors has the authority to determine the fund's resources, the amount of resources to be transferred, and expenditure programs. It also holds other powers within the framework of relevant legislation.

The fund's resources include a portion of the state shares collected under the Turkish Petroleum Law and the Mining Law, amounts to be transferred at certain rates from the revenues of the funds, amounts consisting of projects for which repayment is foreseen, and cash donations, aid, and grants.

Financial data regarding the fund's resources and transfers will be shared with the public in six-month periods. In this way, a transparent process will be followed regarding the use and effectiveness of the fund.

News Source: AA