Former Erdogan Ally Babacan Unveils ‘Cure’ for Turkey’s Ills

But he resigned from the ruling party in 2019, citing "deep differences" with it over the state of democracy, rule of law and foreign policy.

"Our democracy is weak, our society cannot breathe. Our economy, education and health systems are alarming," Babacan said on Wednesday in Ankara at the official launch of the DEVA party.

"This country's people have been made very sad in the last years … We will not allow our nation to have more sadness. This is the time to take responsibility," he added.

"The time for democracy and the time for progress has come for Turkey. We are the cure, this is the time for the cure. We are happy to announce our Democracy and Progress Party, DEVA, which will be the cure for our country," he continued.

"Babacan has enormous capacity," said Onur Nezih Kuru, a political scientist at Koc University in Istanbul.

"His party can be an address for large numbers of the electorate and he can easily reach 10 per cent of the total votes."

Kuru, however, warned that Babacan's success would depend on how he positions himself vis-à-vis Erdogan and the political alliances he might form in the future.

Well regarded at home and abroad

Ali Babacan at the International Monetary Fund (IMF) headquarters in Washington, DC, USA. Photo: EPA/PETE MAROVICH

Babacan comes from a conservative, industrialist Anatolian family, but one that is also firmly part of the Turkish establishment.

Despite his conservative background, he attended the secular TED College in the capital, Ankara, and graduated in Industrial Engineering in 1989 from the city's Middle East Technical University.

He won a Fulbright scholarship from the United States, where he pursued an MBA at Northwestern...