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works have been completed, commissioning of all equipment and systems is under way.”
He added: “We are currently testing the start-up and adjustment of all equipment, systems, so that the plant can produce electricity for 60 years and the life of the plant can be extended safely for a further 20 years.”
Akkuyu is to eventually host four 1,200-MW Russian- designed VVER-1200 reactors that will provide around 10% of Turkey’s electricity.
Russia and Turkey signed the agreement for the NPP in 2010. First concrete was poured for unit 1 in April 2018, for unit 2 in June 2020, for unit 3 in March 2021 and for unit 4 in July 2022.
Critics of the Akkuyu project have warned the NPP is being built in an earthquake zone.
Rosatom is constructing the reactors in line with a build-own- operate model that is the first in the world in an NPP deal. Some 93% of project financing is coming from a Rosatom unit. Turkey has been calculated to have an overall payment
obligation of $35bn for the plant, making it the largest single project payment obligation in Turkish history.
Sezemin was also quoted as explaining that “an operation is being carried out to tension special steel cables for the reactor containment” and installation of the fuel loading machine was taking place.
All work on the NPP is checked by the Turkish Nuclear Regulatory Council and other organisations.
The fact that the first reactor of Akkuyu NPP was not ready for Turkey’s centennial celebrations was something of an embarrassment for the country’s Erdogan administration.
In April 2023, a couple of weeks ahead of presidential elections, Turkish President Recep Tayyip Erdogan and Russian counterpart Vladimir Putin celebrated, via video link, an Akkuyu “inauguration” ceremony – subsequently there were multiple media reports, including in international press, saying that the NPP had been launched, whereas in reality, the only development was the arrival of a first shipment of nuclear fuel at the construction site.”
Rising internal political tensions put Bosnia’s
economic growth at risk, IMF warns
bne IntelliNews
Bosnia & Herzegovina’s economy is expected to accelerate growth this year but the rising internal political tensions put that forecast at risk, the International Monetary Fund (IMF) said in a statement
upon completion of Article IV consultations with the country.
The IMF has projected Bosnia’s 2024 economic growth at 2.5%, up from 1.7% in 2023.
“Risks remain elevated, including from an intensification of regional conflicts and an abrupt slowdown in Europe, and domestically, from rising political tensions and more expansionary macroeconomic policies,” the IMF noted.
On the other hand, opening of EU accession talks could speed up reforms in the country.
Bosnia’s fiscal policy should focus on curbing current spending while preserving growth-enhancing investment expenditures, the IMF noted.
“The authorities should move to contain deficits by containing the public sector wage bill, avoiding discretionary increases in social benefits and new support measures, and
revisiting other current spending. They should preserve growth-enhancing public investment outlays. Fiscal risks from minimum wage increases and capped electricity prices should be mitigated,” the statement noted.
At the same time, Bosnia should reduce financing needs and prepare contingency plans in case financing cannot be secured. The country’s fiscal buffers have been eroded due to increased budget deficits, large debt repayments, and drawdown of government deposits.
Bosnia’s two entities – the Muslim-Croat Federation and Republika Srpska – face large financing needs this year that are unlikely to be met solely in the domestic market and have planned large debt issuances to meet these needs.
“The authorities should reduce deficits to contain financing needs, firm up borrowing plans, and identify additional cuts to current spending to prepare for potential financing shortfalls,” the IMF noted.
Bosnia should also implement reforms to rebuild fiscal buffers while improving spending quality.
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