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Moody’s Investor Services said on March 31 that risks from the coronavirus crisis went beyond frontier markets to encompass emerging markets such as Turkey and Tunisia that are most reliant on foreign currency debt.
The sudden economic stop will bring intense credit pressure to bear on borrowers worldwide as slumping cash flows and tight financing conditions weigh on creditworthiness, Standard & Poor’s (S&P) said on April 1 in its Global Credit Conditions report entitled “Triple Trouble: Virus, Oil, Volatility”.
6.0 Public Sector 6.1 Budget
6.1.1 Budget dynamics - specific issues
The central bank transferred TRY55bn to the Treasury in January 2020. Total transfers from the central bank amounted to TRY90bn in 2019. The Turkish government has so far spent TRY55bn (€7bn) on supporting
30 TURKEY Country Report May 2020 www.intellinews.com
