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TRNC is 16 billion TL in debt: Denktaş

The TRNC’s external and internal debt exceeded 16 billion Turkish lira (TL). Deputy Prime Minister and Minister of Finance Serdar Denktaş has said.

Addressing the assembly yesterday during a discussion about the budget for 2017, Denktaş said that the debt was a “bleeding wound” for the north, adding that as of the end of 2015, it had reached 16,050 billion TL, of which 5,515 billion are internal and 10,899 external debt.

The Deputy PM said that this number is equal to 157% of the regime’s GDP and that this situation affects the economy. “Therefore, controlling and decreasing public debt must be our first priority”, he added.

Denktaş noted that it is estimated that the TRNC’s economic growth will be 2.4% in 2016, 5% in 2017 and 2018 and 5.5% in 2019, adding that the average growth for 2017-19 period is estimated at 5.2%.


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