World Bank, UAE's funding enhances successful execution of Turkish economy program: Finance minister

By Gokhan Ergocun

ISTANBUL (AA) - The availability of significant external funding from the World Bank and the United Arab Emirates’ $51 billion investment plan “undoubtedly enhances the successful execution of our" economic program, Türkiye’s treasury and finance minister said Friday.

The World Bank doubled funding Thursday to $35 billion for the next three-year period, Mehmet Simsek wrote on the X platform.

"The World Bank's decision to significantly increase its exposure to Türkiye is a further endorsement of our medium-term economic program," he said.

Simsek added: "We appreciate the World Bank’s invaluable partnership and strong commitment to Türkiye’s economic development."

Türkiye's medium-term economic program, through well-calibrated monetary, fiscal and structural policies, aims to achieve macroeconomic and financial stability, promote inclusive and sustainable growth and complete post-earthquake reconstruction, said Simsek.

"The program is centered on reviving the reform momentum to boost productivity," he noted.

President Recep Tayyip Erdogan and Vice President Cevdet Yilmaz revealed the program Wednesday.