Government Borrowing Record Amounts

Thursday, 31 March 2022.

North Cyprus News - Turkish Lira purseThe public burden of debt in North Cyprus has been increasing year on year. In particular in 2021, when the Ministry of Finance, through the TRNC Central Bank, repeatedly entered the State Domestic Debt Securities Tender, and borrowed 799.236 million Turkish Lira, a report by Yeniduzen said.

While work on the new economic protocol between Turkey and the TRNC was ongoing, the country’s economy, which faced serious bottlenecks, went down in history with record amounts of borrowing.

Former Finance Ministers have warned of high inflation due to price increases and said that the threshold of a new impasse was approaching.

Former Finance Minister Birikim Özgür said that the financial crisis must be overcome in order for the economy to recover, adding that fiscal discipline and structural reform are on the agenda again.

He emphasised that the process should be managed by prioritising the principle of social participation on a democratic basis, and said, “As long as Turkey, which is the country that provides foreign aid, says, ‘Whether it’s UBP in power, the rest is details,’ the bill that Turkey will pay will inflate as it gets it“.

Meanwhile, former Finance Minister Serdar Denktaş said that the government has increased the cost of living with the constant price hikes, “After the hikes, they will face a record high cost of living in July. The government will come to a dead end again“, he said.

Denktaş said, “They will demand money from Turkey, maybe not. Then there will be a bigger problem for both the people and the government“. 


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