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Izmir’s east-west corridor.
Debt rollovers are progressing in Turkey but external financing needs will have
to be addressed due to the fast decline in the country’s reserves.
According to latest data from the central bank, Turkish borrowers were obliged to roll over $151bn worth of external debt, excluding obligations to foreign branches and affiliates, in the next 12-month period as of end-March.
6.0 Public Sector 6.1 Budget
Turkey’s cash budget produced another record deficit, registering TRY46bn ($6.5bn) in April, following on from the previous new all-time high of TRY40bn seen in March, finance ministry data showed on May 8.
In January-April, the cash deficit amounted to TRY73bn, up from TRY52bn a year ago.
In March, the record deficit was mainly ascribed to a sharp fall in cash revenues to TRY54bn from TRY87bn in February as expenditures came in at TRY94bn (TRY83bn of non-interest and TRY11bn of interest expenditures),
38 TURKEY Country Report June 2020 www.intellinews.com
