Economics
Turkey Unveils Mid-Year Budget to Meet Rising Public Spending
- Increase in government income seen offsetting expenditure rise
- Rally in energy prices, government-paid salaries prompt move
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Turkey on Monday said it would allocate more than $50 billion to meet higher government spending amid a surge in global energy prices and rising inflation rates.
The government now expects to spend an extra 880.5 billion liras ($50.8 billion) until the end of the year, with state-owned gas and coal importers accounting for 14% of the additional expenditures, according to the proposed mid-year budget posted on the parliament website.