(Bloomberg) --
Turkish President Recep Tayyip Erdogan signed off on the 2022 budget draft that is set to “accelerate the transition to a green economy,” Vice President Fuat Oktay said, speaking a week after Turkey conditionally ratified the Paris Agreement on climate.
“Our budget focuses on a green transformation. It will support carbon-neutral investments and processes,” Oktay said in Ankara, as he revealed details of the proposal that will be submitted to parliament for approval.
The draft foresees an annual deficit of about 278.4 billion liras ($30 billion), 3.5% of gross domestic product. Budget spending in 2022 is seen at 1.75 trillion liras, a 30% increase from 2021, while income is seen at 1.47 trillion liras, which suggests a 34% increase. The government will boost spending in defense, health care and education, according to the draft.
Turkey Rejects ‘Developed' Status in Ratifying 2015 Climate Deal
“We're increasing resources allocated for defense and needs of security forces by 29.6%,” Oktay also said. “The resources allocated to the Defense Industry Support Fund will also increase by 39%.”
Erdogan's Justice & Development Party and his ally Nationalist Movement Party have the parliamentary majority needed to approve the draft.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
