IMF
The International Monetary Fund (IMF) projected that income per capita in Turkey would drop to 2005 levels, an annual average of $7,720. The IMF also predicted a five percent contraction in the Turkish economy until the end of 2020, despite Ankara's 0.3 percent growth projection.
IMF Managing Director Kristalina Georgieva said that Turkish economist Ceyla Pazarbaşıoğlu would be serving as the head of the IMF's Strategy, Policy and Review Department. Georgieva said that Pazarbaşıoğlu had "profound knowledge and significant experience on how to design policies to help people especially in emerging markets and low-income countries."
Ahmet Haşim Köse writes: Turkey became a weapon-exporting country after 1995, though to a limited extent. The real leap took place during the rule of Erdoğan's Justice and Development Party (AKP). The change that took place in the defense industry during the AKP era has to do with the transformation in the structure of the state/company partnership that operates this sector.
The International Monetary Fund (IMF) didn't ask to borrow money from Turkey, former Central Bank head Durmuş Yılmaz said to refute President Recep Tayyip Erdoğan's claim. "This is a lie. The issue is technical. In short, the IMF didn't ask to borrow money from us. A commitment was made to a contingency fund and it wasn't realized. The proof: There is no such record on the Central Bank balance," Yılmaz tweeted on Aug. 11.
The IMF has released an update of its World Economic Outlook, in which it projected the global economy contracting by 4.9 percent in 2020, a downward revision from its April forecast of a 3 percent contraction. As for Turkey, the organization has not changed its projection of 5 percent contraction in GDP.
No matter how long or short the COVID-19 crisis lasts, a broad range of working masses, but especially the unskilled labor force will be the ones exceedingly affected. They will lose income and their jobs. As a result, inequality will spread on a mass scale and poverty will soar.
Felicity Party leader Temel Karamollaoğlu has accused the ruling Justice and Development Party (AKP) of planning to rig the next elections. "I'm saying that they will rig the elections. Understand it as you please. They'll intervene in the number of votes, because they did so in the past. They killed people near ballot boxes," he said, referring to the killing of two Felicity Party members during March 31, 2019 local elections.
duvar englis podcasts
Duvar English’s editor-in-chief Cansu Çamlıbel and pollster Can Selçuki are joined by political economist Esen Çağlar to discuss the underlying factors behind the accelerating loss of value of the Turkish lira against the dollar. They look for answers to how the Turkish government is caught between a rock and a hard place by rapidly selling the Central Bank reserves. They also discuss whether Ankara can secure a swap line from the U.S. without giving up Russian S-400s.
Upon asking whether or not Turkey should borrow from the IMF in order to alleviate the economic effects of the coronavirus crisis, only 30.8% of participants agreed, while the remaining 69.2% disagreed. The fact remains that the IMF is still negatively connoted amongst Turkish people.
Turkey is in dire need of a source of external funding granted through a credible international institution in order to combat the economic impact of the coronavirus, according to a research of five Turkish economists. The study said that although a swap agreement with the U.S. Federal Reserve as well as the IMF could help Ankara to battle the crisis, the arrangement of a swap line alone would likely be insufficient.
Since the COVID-19 crisis erupted, Turkish Central Bank’s reserves fell nearly 20 billion dollars. Now, the thought of “Can there be a swap line opened from the U.S. Central Bank Fedreserve ?” is in question.
DEVA Party leader Ali Babacan has said that Turkey shouldn't rule out borrowing loans from the international institutions, saying that it should choose cheap IMF loans over high-cost borrowing from markets. "Turkey has the right to use them with unconditional 1 percent interest. Instead of going to the markets and paying 7 percent, we can get loans from these institutions with 1 percent," he said.
Turkey was caught with the coronavirus outbreak at a time when it was weak structurally. Just like in the COVID-19 epidemic, the underlying disease story is the story of those problems in economy which were “swept under the carpet” for a long time. Turkish government's economy policies after 2018 were based on bans, limitations and covering up of the symptoms rather than resorting to necessary steps to solve the problems.
Turkey will send medical aid to Israel and Palestine to help them battle coronavirus, Presidential Spokesman İbrahim Kalın said on Sunday. He added that Armenia’s medicine demand was also approved by President Erdoğan.
Today Turkey’s crisis is not only a health crisis followed by the coronavirus outbreak and an economic crisis triggered by it. Rather, it is a health crisis and an economic crisis triggered by it, on the top of an already ongoing economic crisis due to foreign currency debts of non-financial corporations. Cookie cutter applications of what may work elsewhere will not work in Turkey.
Editor's Pick
Soner Çağaptay and Raffaella A. Del Sarto write: The EU often praises itself as a promoter of democracy and regional stability by highlighting the power of its enlargement process to include new members in the “neighbourhood.” Yet in the case of Turkey, its ill-conceived policies may well have contributed to the opposite. A clumsy EU has repeatedly gotten its policy toward Turkey wrong, often inadvertently helping Erdoğan at key points during his rise while creating preventable tensions with Ankara.
Politics
The Turkish Lira further lost its value on Oct. 27, measuring more than 8.1 liras on the dollar as a result of more than 35 percent depreciation this year. The depreciation is a result of Ankara's increasingly strained relationship with the European Union, as well as the United States.
The German government has said that the Erdoğan regime has in recent years increased its support for Milli Görüş, an Islamist group monitored by German intelligence services due to alleged extremist leanings. In its response to a parliamentary question, the German government has also emphasized the links between Milli Görüş and Egypt's Muslim Brotherhood.
The ruling AKP has turned down the opposition's demand for budget discussions to be aired live on the official channel of parliament, called TBMM TV. The opposition deputies have said that these talks need to be conducted in a “transparent” manner as it concerns the people, with a CHP lawmaker saying that Turkey has not experienced such a “dark period” in its history before.
An employee of the United States’ Istanbul consulate was handed five years and two months in prison on charges of aiding the movement of the U.S.-based Islamic preacher Fethullah Gülen. The court did not arrest Nazmi Mete Cantürk, meaning he will be free pending appeal.
HDP co-chair Mithat Sancar has said that the party condemns extremists' abuse of Islam to justify their violent actions, but also slams France's treatment of Islam in a row about cartoons of the Prophet Mohammad published by satirical magazine Charlie Hebdo.
Many prisoners in Turkey, particularly political prisoners, are held in facilities hundreds or thousands of kilometers away from their families, making it very difficult for visitation. Requests by prisoners for transfer to a closer penal institution are now being rejected by the authorities on account of the coronavirus.
As coronavirus cases surge in Istanbul, Governor Ali Yerlikaya said that he can be a "scapegoat" if anyone's looking for someone to blame. The governor also said that he has been working closely with Istanbul Mayor Ekrem İmamoğlu. “My job is not politics, it is service. To that end, I am continually in contact with İmamoğlu. You should know that we are working very well [together]. There is no problem whatsoever,” he said.
President Erdoğan has filed a criminal complaint with Turkish authorities against prominent Dutch far-right leader Geert Wilders saying that he had insulted him on social media. "Even though the crime was committed directly against the person in the presidential seat, the value that is being violated is the state's political government structure," Erdoğan's lawyers said.
Turkish police have apprehended seven ISIS militants who were preparing for attacks in the capital Ankara in the latest round of operations against the jihadist group. According to authorities, the militants were seeking to attack Oct. 29 Republic Day celebrations and Nov. 10 ceremonies that are held each year to commemorate Turkey's founding father Mustafa Kemal Atatürk.
The European Court of Human Rights (ECHR) has found main opposition Republican People's Party (CHP) leader Kemal Kılıçdaroğlu right in his case against President Recep Tayyip Erdoğan. While Turkish courts ruled that Kılıçdaroğlu "attacked Erdoğan's personal rights" in two separate speeches in 2012, the ECHR ruled that the country violated the main opposition leader's freedom of expression.
A coal thermal power plant in the Central Anatolian province of Eskişehir is predicted to make more than 11 million people ill over the course of 35 years, a health impact report for the project revealed. The Right to Clean Air Plaform reported that the pollutants from the Alpu Coal Thermal Power Plant will spread to 24 provinces and destroy local farming land.
A group of miners from the Central Anatolian district of Ermenek set off once again on their march to demand unpaid wages, only to be met with a gendarmerie blockade on Oct. 26. In a video showing the miners' exchange with officers, one of them is heard saying "We are angry. We are hungry, that's why we're yelling. You can't yell!"
One of downtown Istanbul's last remaining green spaces was rezoned to allow construction despite the protest of locals. Also designated as an emergency meeting point, the green space was permitted for the construction of a 10-story building.
Turkey's southernmost province of Hatay was rocked by an explosion on Oct. 26 and authorities said that two militants of the Kurdistan Workers' Party (PKK) were nabbed following the blast. Hatay Governor Rahmi Doğan said that the two militants were a part of a group of four who had flown from the Syrian town of Manbij to the Amanos Mountains in Hatay using paramotors.
A report prepared by a number of civil society organizations regarding trials in Turkey prosecuting conscientious objectors to mandatory military service in the country has influenced the Council of Europe's Committee of Ministers to pressure Turkey on recognizing the right to conscientious objection.
President Erdoğan and the newly-elected Turkish Cypriot President Ersin Tatar on Oct. 26 voiced their support for a two-state solution on the divided island of Cyprus. "We believe a two-state solution must now be brought to the table with a realistic proposal," Erdoğan said. Erdoğan also said that he would visit Turkish Cyprus on Nov. 15 and expressed his desire to have a picnic at Varosha.
The Britain-based Syrian Observatory for Human Rights has said that at least 78 Turkey-backed Syrian rebels were killed and dozens more were injured in Russian airstrikes on a military training camp in Idlib. Those targeted were in a camp belonging to Faylaq al-Sham, the monitor said, adding that it was the deadliest attack since the ceasefire came into force in March.
The second indictment against human rights defender and businessman Osman Kavala presents no new grounds to justify his detention and is politically motivated, said Human Rights Watch (HRW) and the International Commission of Jurists (ICJ) in a statement.
Economy
Treasury and Finance Minister Berat Albayrak has said that the economy is growing despite the tumbling Turkish Lira. The lira weakened to a record low on Oct. 26, hit by investor unease over the central bank's decision last week to keep its policy rate on hold and various sources of geopolitical concern. Strains in ties with the United States, a row with France, a dispute between Turkey and Greece over maritime rights and the conflict in Nagorno-Karabakh have all unsettled investors.
Turkish monthly inflation was almost four times greater than the official rate in September, according to a new model developed by a group of academics and researchers. According to the independent Inflation Research Group (ENAG)'s first published finding, consumer prices in September rose 3.61 percent from the previous month, compared to the official Turkish Statistical Institute (TÜİK)'s calculation of 0.97 percent increase.
Turkish Energy Minister Fatih Dönmez said on Oct. 22 Turkey will operate the gas field which it recently discovered in the Black Sea on its own, but it may cooperate with foreign firms in terms of detailed work and equipment. The minister's comments came after President Recep Tayyip Erdoğan said on Oct. 17 Turkey had raised the estimated reserves of the field to 405 billion cubic meters after finding an additional 85 bcm.
The Turkish government has said that it "laughs off" boycotts imposed on Turkish products in Saudi Arabia, Morocco and United Arab Emirates. "We laugh off some countries' boycotts against Turkey. They should first learn to stand as independent countries," AKP deputy leader Numan Kurtulmuş said on Oct. 18.
Urban Beat
Turkey's southeastern city of Diyarbakır is nestled in Mesopotamia and has a deep legacy spanning millenniums and civilizations. A recent discovery on the 8000-year-old Amida Höyük archaeological site has unearthed an 1800-year-old heating system that was quite sophisticated for the time.
Kurdish artist Zehra Doğan's work that she created during her two prison sentences between 2016 and 2019 are on display in Turkey for the first time. The artist was jailed on terrorism charges and gained international fame after finishing her second sentence and holding a show at London's Tate Modern.
Turkey's Presidential Symphony Orchestra will thrive thanks to the completion of its long-awaited music hall, Conductor Cemi'i Can Deliorman said. Having been in the works for 25 years, the music hall's large auditorium can seat more than two thousand viewers.
Alterations on Istanbul's iconic Hagia Sophia reportedly violated guidelines mandated under the site's "UNESCO World Heritage" status. Converted within two weeks of the legal ruling that allowed Muslim worship, the ancient structure's mosaics were unlawfully covered up, and any work on it was deemed practically impossible, architectural publication Mimarlık Magazine reported.