Turkey Announces TRY 100 Billion Stimulus Package to Support Economy 

Turkish President, Recep Erdogan, announced that Turkey would provide concessions over debt payments and tax cuts in various sectors under a TRY 100 billion (USD 15.4 billion) package, to soften the impact of COVID-19 on the country’s economy.

The President announced a series of measures including reduction in taxes for businesses, minimum wage support, as well as an increase in the minimum retirement salary to TRY 1,500.

In his announcement, the President further stated that loan repayments will be deferred for up to three months for businesses affected by the pandemic, and that the government would provide inventory financing support to exporters during the temporary slowdown...