Turkey's central government saved around 66.5 billion Turkish liras ($9.5 billion) in 2020, Treasury and Finance Minister Lutfi Elvan said on Monday, citing budget balance figures which beat the year's target, APA-Economics reports citing Anadolu Agency.
"We will never compromise on fiscal discipline, except for fight against the COVID-19 pandemic," Elvan wrote on Twitter.
The government's budget balance posted a 172.7 billion Turkish lira ($24.7 billion) deficit in 2020, below the target of 239.2 billion Turkish liras ($34 billion), he said, underlining that fiscal policies will continue to be in line with anti-inflationary policies.
"We are taking permanent measures to improve the 2021 budget," he tweeted, sharing that the government's target for 2021 budget deficit is 3.5% of the GDP.
Announcing budget balance figures last week, President Recep Tayyip Erdogan said if the growth target for 2020 is achieved, the budget-deficit-to-GDP ratio would hit 3.6%, beating the mid-term program target.
"Our macroeconomic policies will ensure a balanced demand and sustainable growth," the finance minister said.
Under the country’s new economic program announced last September, the government expected to see a 4.9% budget-deficit-to-gross-domestic-product ratio in 2020.
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