First statement from Mehmet Şimşek following Fitch decision

Minister of Treasury and Finance Mehmet Şimşek evaluated Fitch Ratings' upgrade of Turkey's credit rating, stating that they aim to increase confidence in the economy through the Medium-Term Program.

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First statement from Mehmet Şimşek following Fitch decision

Minister of Treasury and Finance Mehmet Şimşek made statements regarding the international credit rating agency Fitch Ratings upgrading Turkey's credit rating from "B+" to "BB-".

Evaluating this decision by Fitch as a positive step, Şimşek argued that the economic gains will become permanent with the newly announced Medium-Term Program (OVP).

Şimşek stated, "With our Medium-Term Program that we announced this week, we will make the gains we have achieved in the last year permanent and further increase the confidence in our economy."

However, experts point out that the OVP contains expectations of high inflation, high unemployment, and increasing poverty. Despite these criticisms, Şimşek maintained his view that the OVP will bring stability to the economy.

In his post, Şimşek used the following expressions:

"International credit rating agency Fitch has increased our credit rating for the second time this year, raising it from B+ to BB-. Thanks to our program, which strengthens our macro-financial stability and increases our resilience, we are the only country to receive a rating upgrade from all three major credit rating agencies in 2024. With our Medium-Term Program that we announced this week, we will make the gains we have achieved in the last year permanent and further increase the confidence in our economy."

Uluslararası kredi derecelendirme kuruluşu Fitch bu yıl kredi notumuzu ikinci kez artırarak B+’dan BB-’ye yükseltti.

Makro finansal istikrarımızı güçlendiren ve dayanıklılığımızı artıran programımız sayesinde 2024 yılında üç büyük kredi derecelendirme kuruluşundan not artırımı…
— Mehmet Simsek (@memetsimsek) September 7, 2024