Turkey's Budget Deficit for 2018 Expected to Reach 17.3 Billion Dollars

Turkey via AAWSAT arabic.
Turkey via AAWSAT arabic.
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Turkey's Budget Deficit for 2018 Expected to Reach 17.3 Billion Dollars

Turkey via AAWSAT arabic.
Turkey via AAWSAT arabic.

The Turkish government expected the budget deficit in 2018 to reach $17.3 billion. Turkey’s parliament has approved on Saturday the government’s 2018 budget, which includes increased spending on defense and projects a rise in the fiscal deficit to 65.9 billion lira ($17.28 billion).

The 2018 budget includes changes in tax regulations, including tax increases for companies and motor vehicles, to help pay for increased security.

The government announced a 40 percent increase on motor vehicles taxes in September to divert the proceeds to the defense and security budget, but then dropped it to 25 percent after wide-range public objections.

Turkey's budget deficit for the current year is expected to hit $16.5 billion, nearly twice the 2016 budget deficit of about $8.5 billion.

Turkey’s 2018 budget also projects tax income of 599.4 billion lira, up some 15 percent from estimates for 2017.

Over the past two years, Turkey’s current account deficit has widened due to increasing government incentives to boost the economy and defense spending. Next year’s budget deficit to gross domestic product ratio is expected to be 1.9 percent.

Turkey's trade deficit rose 85.23 percent year-on-year in September to $8.14 billion.

The government says the additional defense spending is urgently needed to modernize the military, the second-largest in the NATO alliance, and meet the costs of domestic and foreign security operations.

Turkey’s economy has recovered from a downturn that followed an attempted coup last year, helped by a series of government stimulus measures.

GDP grew 11.1 percent year-on-year in the third quarter, its fastest expansion in six years, according to official data.



Saudi Arabia Pledges $25 Bln Investment to Support Africa

Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Pledges $25 Bln Investment to Support Africa

Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)

Saudi Arabia on Wednesday announced ambitious plans to scale up its diplomatic and economic presence in Africa, aiming to boost its investments on the continent to more than $25 billion by 2030, as part of a broader strategy to strengthen development and economic partnerships with African nations.

Deputy Foreign Minister Waleed Al-Khuraiji said the Kingdom intends to expand its network of embassies across the continent to more than 40 in the coming years, underscoring Riyadh’s commitment to deepening its engagement with Africa.

Speaking at a reception marking Africa Day at the Cultural Palace in Riyadh’s Diplomatic Quarter, Al-Khuraiji revealed that Saudi Arabia would provide $10 billion in export financing and secure an additional $5 billion in development funding for African countries by the end of the decade.

“Africa holds a central position in the Kingdom’s foreign policy and diplomatic outreach,” Al-Khuraiji said, noting that Saudi Arabia is keen to enhance cooperation in trade, integration, and multilateral coordination on shared global issues.

He added that the Kingdom has already contributed more than $45 billion to development and humanitarian projects in 54 African countries.

Of that, over $450 million was provided by the King Salman Humanitarian Aid and Relief Center to support efforts in 46 African nations.