Turkey's former economy czar Kemal Derviş dies at 74
Former Minister of State in charge of the economy Kemal Derviş on May 8 died at the age of 74. In 2001, he was invited to the country to tackle the economic crisis that shook Turkey.
Former Minister of State in charge of the economy Kemal Derviş on May 8 died at the age of 74. Derviş had been receiving treatment in the United States for a long time due to his illness.
After teaching economics at Middle East Technical University (ODTÜ) and Princeton University between 1973 and 1977, he joined the World Bank in 1977. Derviş was promoted to vice president for the Middle East and North Africa charter in 1996.
He was invited to Turkey after two financial crises in November 2000 and February 2001. Derviş resigned from the World Bank, a position he had held for 22 years, and assumed the post of Minister of State in charge of the Economy in former Prime Minister Bülent Ecevit’s government in 2001.
In 2002, he resigned from his post after disagreements with Deputy Prime Minister Devlet Bahçeli. In the same year, he was elected as an Istanbul deputy from the Republican People’s Party (CHP). In 2005, he resigned from parliament and was appointed as the head of the United Nations Development Program (UNDP), where he worked until 2009.
Derviş adopted policies coordinated with international lending institutions such as International Monetary Fund (IMF). The ruling Justice and Development Party (AKP) largely adopted Derviş's market-centered policies in the first years of its rule.