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Turkish Presidency Now Responsible for TRNC Funds

Turkish President Recep Tayyip Erdogan will have direct responsibility from now on for Turkey’s funding of the TRNC. This includes funds which Turkey sends to North Cyprus every year as aid or credit.

The system has been changed because it was deemed to be problematic, Turkish Cypriot daily ‘Halkin Sesi’ reports.

According to Article 4 of regulation E of the Turkish Republic budget law for 2019, the authority for the TRNC’s aid and credits is given to the office of the [Turkish] Presidency. According to the regulation, the disposal, the aim, the method and the conditions of the allowances will be determined according to a protocol which is to be signed by the two states. The decision was published in the official gazette of Turkey.

North Cyprus News - Serdar Denktas
Serdar Denktaş – Minister of Finance

Meanwhile, Turkish Cypriot daily ‘Diyalog’ reports that Minister of Finance, Serdar Denktaş told the paper that he welcomed the decision taken by Turkey and said that Turkey will allocate one billion TL to the TRNC this year.

We have been saying it for months that the difficulties experienced in capital flow from Turkey derived from Turkey’s system”, Denktaş said, explaining that Turkey would sent this source of money by March 2019.

Regarding funding from Turkey which was due in 2018 but not paid, Denktaş said that he did not know if Turkey would allocate the monies retrospectively.

Halkin Sesi, Diyalog

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