Page 32 - TURKRptFeb20

The Turkish government is to pay a total of Turkish lira (TRY) 2.6bn (around €400mn) to ICA, the operator of Istanbul’s $3bn Yavuz Sultan Selim toll bridge, under a guarantee scheme . Under the guarantee, the government assures that the operator will receive a minimum toll income based on 135,000 cars a day. However, in 2019 the actual number of vehicles using the bridge remained below this figure.
6.1.1 Budget dynamics - privatization
Turkey’s sovereign wealth fund mandated Ernst & Young to evaluate options to privatize horse racing, betting operations. In early July, TVF hired consultancy Ernst & Young to advise on the privatisation of the country’s national lottery, Milli Piyango.
TVF has stakes in major Turkish companies including flag carrier Turkish Airlines, big banks and Turk Telekom.
In December, TVF bought the European Bank for Reconstruction and Development’s (EBRD’s) 10% stake in the Istanbul stock exchange for an undisclosed sum.
In December, Vakifbank shares, representing a 58.45% stake in the lender, were transferred to the Treasury.
On December 13, TVF said it aimed to complete the takeover and consolidation of Borsa Istanbul-listed insurance and pension companies owned by state lenders, namely Gunes Sigorta , Halk Sigorta and Ziraat Sigorta as well as pension companies Halk Hayat, Ziraat Hayat and Vakif Emeklilik.
6.2 Debt
TURKEY -DEBT (eop)
2013
2014
2015
2016
2017
2018
2019
Budget: gross debt (LC bn)
586
613
678
760
876
1,067
1,329
Budget: gross debt (% GDP)
32.4
30.0
29.0
29.1
28.2
28.8
31.1
32 TURKEY Country Report OUTLOOK 2020 www.intellinews.com