Prime Minister Ersin Tatar has issued a written statement regarding the 2020 Economic and Financial Cooperation Agreement signed with Turkey today.
He said that 650 million Turkish Lira would be allocated for defence. Around 273 million TL would be for infrastructure and about 116 million would be for real sector investments. Tatar said that Turkey has given substantial support to bridge the budget deficit in the amount of 1.150 billion TL.
The agreement, which includes 2.3 billion TL in grants and loans, aims to repair economical damage caused by the Covid-19 outbreak to the TRNC economy.
As part of the conditions, TRNC will comply with the number of personnel and employment restrictions in accordance with the action plan attached to the agreement and will take some structural measures. In accordance with the agreement. The TRNC was also obliged to prepare an Economic Programme proposal covering 2021 by the end of October and at a minimum, a three-year plan including structural transformation measures, macroeconomic objectives, strategic objectives and reform actions by the end of the year.
The prime minister and Turkish Vice-President Fuat Oktay both signed the protocol during a videoconference held today.
Prime Minister Tatar thanked, on behalf of the TRNC government, Turkish President Recep Tayyip Erdogan, Vice-President Oktay and the Turkish people for their continued support.