Budget Raised but Deficit Still Anticipated

Deputy Minister of Finance Cengiz Coli has said that the TRNC budget 2019 has been increased by 32.5 percent compared to 2018 and has reached 7 billion 705 million Turkish lira (TL).

Coli noted that it was anticipated that the budget deficit will rise to 825 million TL However, if Turkey does not contribute to the budget, this deficit might rise to 1 billion 300 million TL.

Discussions on the draft-law for the budget have begun by the relevant parliamentary committee. The draft-law provides for a general income of 6 billion 880 million TL. Turkey’s contribution is 695 million TL. The expenses on defence have been increased to 450 million TL in 2019, compared to 419 million 498 thousand TL in 2018.

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