Budget 2010 drafted without reference to IMF deal

Turkey’s budget 2010 which focuses on overcoming the crisis, was submitted to Parliament for approval and includes no specific reference to a potential stand-by deal with the International Monetary Fund (IMF). Outlining the details of the new budget, Turkish Finance Minister Mehmet Simsek said that Turkey had prepared its budget while considering its own needs and the conditions arising from the economic crisis, underlining those talks with the IMF would proceed on the premises set out in the budget. The 2010 budget is estimated at 286.93 billion liras which includes a 5.06% wage increase for civil servants, in two equal semiannual installments of 2.5%. The draft budget states that public investments will amount to 22.3 billion liras, and energy will enjoy the lion’s share of total investment. The second most favored sector in terms of its share in investment will be transportation. The government is planning to allocate a total of 1.5 billion liras to these two areas.