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Turkey’s economic support package reaches $29 billion

economic support

The Turkish government’s steps to support the economy in the face of the coronavirus pandemic have reached a value of TL 200 billion ($28.7 billion), Treasury and Finance Minister Berat Albayrak said on Saturday.

President Recep Tayyip Erdoğan initially announced a TL 100 billion ($14.3 billion) package to support the Economy on March 18, postponing debt payments and reducing tax burdens in some sectors. Since then, Ankara has gradually widened the measures.

Turkey’s confirmed cases of COVID-19 increased by 3,122 on Friday with the death toll rising to 2,600.

With the pandemic forcing businesses to furlough or lay off millions of staff, the government has also stepped in to top up income or pay daily stipends, while small businesses are being given access to fresh loans.

“The total value of the steps we have taken so far has reached TL 200 billion,” Albayrak said in a video posted on his Twitter account.

Among the measures, funds totaling TL 107.4 billion has been provided to some 120,000 companies to support them during the outbreak, he said. An additional TL 16.8 billion has been provided in support to traders.

Minister emphasized that financial support has been paid to each of 4.4 million families, with a total of TL 22.3 billion set aside to meet the basic needs of some 4 million citizens.

Turkey’s Family, Labor and Social Services Minister Zehra Zümrüt Selçuk announced Monday that salaries of 3 million employees have been paid to bail out firms suffering amid the Coronavirus lockdown.

“More than 268,000 firms have applied for the short-term employment allowance, which the government announced earlier this month to cushion the fallout of the pandemic,” Selcuk tweeted.

“We will support our employees and employers by mobilizing all our resources at hand,” she said.

She went on to say that 40% of the applications came from the manufacturing sector, 15% from retailers and wholesalers, 12% from hotels and food companies, 6% from the educational sector and 27% from miscellaneous firms.

Reference: DailySabah
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