Washington: Turkish Finance Minister Mehmet Simsek announced that Trkiye is steadfast in its commitment to prudent, responsible, and sustainable macroeconomic policies during global economic uncertainties. His remarks were made at an Atlantic Council event during the International Monetary Fund (IMF) and World Bank spring meetings.

According to Anadolu Agency, Simsek emphasized that the government's economic program is progressing well, despite global fluctuations posing risks for inflation. He noted that lower oil prices and tightened monetary policies are likely to alleviate these pressures, keeping inflation within the program's target band. Simsek reiterated the importance of maintaining these policies to address global economic policy uncertainties.

Simsek highlighted that Trkiye's current financial conditions are supporting domestic demand and reducing imports, a critical factor given the global trade uncertainties. He mentioned that the lower oil prices are expected to decrease the current account deficit below the program's target. Commitment to spending discipline and structural transformation remains a priority, focusing on digital infrastructure, artificial intelligence, and green transformation to reduce dependency on oil and gas imports.

Discussing global trade dynamics, Simsek pointed out that while trade fragmentation could be detrimental, Trkiye's economy is resilient due to its reliance on domestic demand and investments. With over 80% of exports going to countries with free trade agreements or in close proximity, Trkiye maintains a strong position. He also underscored Trkiye's manufacturing base and integration into global value chains, enhancing its strategic importance and potential to attract Western and Asian investments.

Simsek assured that Trkiye remains an attractive long-term destination for investors, highlighting its robust infrastructure, skilled labor force, and leadership in artificial intelligence among emerging markets. He acknowledged occasional challenges but maintained that Trkiye presents a compelling investment case.

Simsek also addressed Trkiye's role in the European Union's defense sector, noting the EU's substantial planned defense expenditure and Trkiye's capacity to contribute. He highlighted increasing financial commitments from the World Bank, which have grown from $17 billion to $35 billion over three years, aligning with Trkiye's priorities such as green transition and digital infrastructure.