2020 budget approved at the parliament

2019-12-21 13:57:54


	ANKARA - Turkey’s parliament has approved the 2020 budget, which includes increased defence spending and forecasts a budget deficit of 138.9 billion lira ($23.4 billion).

	 

	The 2020 budget was passed with 329 votes in favour to 159 votes against, after a 156-hour vote process.

	 

	The budget sees increased spending on defence projects and military needs.

	 

	In 2019, the government forecasts the year-end budget deficit to be at 80.6 billion lira. Finance Minister Berat Albayrak said in July that the 2019 budget deficit-to-GDP ratio will be below 3%, despite a slowdown in income.

	 

	In a presentation detailing the economic plan, Albayrak, who is President Tayyip Erdogan’s son-in-law, said at the time that the budget will be used to finance what he called a production-based transformation of the economy.

	 

	The budget also envisages increased spending on health and education, and foresees a rise in budget revenues.