Minister Şimşek's statement on 'wanting to turn the crisis into an opportunity': This is our goal

Minister Şimşek used the following expressions in his statement:

"We are facing a major global shock; despite this, we have never foreseen any changes in the program's priorities.

"THE SHOCKS ARE LARGE BUT MANAGEABLE"

The shocks are large but manageable, because we have built buffers such as fiscal discipline to ensure resilience against shocks. Financial conditions are tighter due to the impact of the crisis.

"WE CANNOT WASTE THIS CRISIS"

We cannot waste this crisis; we will absolutely and definitely turn this into an opportunity for our country; this is our goal. There are dramatic increases in long-term bond yields. Some of the problems faced by industrialists in Turkey are related to these major trends.

Every treatment has side effects. We are not considering any changes to the program's priorities. A sustainable current account balance is very important to us.

THERE IS NO DECLINE IN OUR STOCK MARKET COMPARED TO FEBRUARY 27

The measures we have taken recently are focused on investment, production, and employment. This year, there will be deviations between inflation, current account deficit, and growth targets and the actual outcomes. There is no decline in our stock market compared to February 27. The value of all companies on Borsa Istanbul has increased from 425 billion dollars to 516 billion dollars."

INFLATION MESSAGE FROM MINISTER ŞİMŞEK

There is some deterioration in inflation expectations, which is normal. There has been an increase of up to 400 basis points in the interest rates of TL-denominated bonds, while the increase in foreign currency-denominated bond yields remained limited at the 20 basis point level."

News Source: 12punto