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New economic package for TRNC revealed

New economic package for TRNC revealed

December 05
16:11 2012

Contents of the new economic package, signed by Prime Minister Kucuk, its precise details unknown until today, reveal Turkey’s determination that the TRNC will financially sustain itself in the future.

The emphasis on giving less money to the public sector is clear. In a bid to increase its efficiency, public office working hours will be rearranged and access to government services will be made available online. The larger proportion of the money is slated for investment in private enterprise. Kib-Tek, the Telecommunications Office and Ercan Airport are the main targets for privatisation.

Local banks will also receive investment and there are plans to lower import taxes and increase exports of high quality goods. The government has the black economy in its sights with the aim of gaining more tax revenues.

The purpose of these changes is to try and raise the overall standard of living of those who live and work in the TRNC.
Other changes will include the implementation of all-day education for state schools.

In an attempt to cut costs, a reformed version of the Public Sector Employees Act, which is now based on an EU framework, will be presented to Parliament.

Strangely, there are proposals to increase, slightly, the numbers of public sector workers, however it was said that this was necessary and would fall within the new budget restrictions. Only one in four workers who leave public service employment  will be replaced and Turkey has put a cap of 300 new recruits permitted each year.

A total of TL3.3 billion, an increase of TL800 million on the last package which ends this month, has been allocated.

 

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