Turkey reveals TRY100 billion stimulus package to support economy
by ChemOrbis Editorial Team - content@chemorbis.com
Turkey’s President Recep Tayyip Erdogan has announced a TRY100 billion ($15.4 billion) stimulus package and several other measures to support the economy and mitigate the potential fallout of coronavirus.
Under the package, April, May and June payments of VAT, social security institution (SSI) in sectors such as retail, shopping mall, automotive, logistics and textile affected by the pandemic will be postponed by 6 months. Additional financing will be provided for the companies whose cash flows deteriorate while their debts to banks will be delayed by 3 months.
The limit for credit guarantee fund will be raised to TRY50 billion from TRY25 billion, meanwhile.
In order to maintain capacity utilization rates during the temporary slowdown in exports, inventory financing support will be granted to exporters.
With the impact of the measures taken against the spread of the virus, companies that have become indebted during April, May and June will be remarked with a “force majeure” grade in their credit profile.
Under the package, April, May and June payments of VAT, social security institution (SSI) in sectors such as retail, shopping mall, automotive, logistics and textile affected by the pandemic will be postponed by 6 months. Additional financing will be provided for the companies whose cash flows deteriorate while their debts to banks will be delayed by 3 months.
The limit for credit guarantee fund will be raised to TRY50 billion from TRY25 billion, meanwhile.
In order to maintain capacity utilization rates during the temporary slowdown in exports, inventory financing support will be granted to exporters.
With the impact of the measures taken against the spread of the virus, companies that have become indebted during April, May and June will be remarked with a “force majeure” grade in their credit profile.
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