Government’s medium-term program to be revised: Yılmaz

The government is considering revising the medium-term program in September, Vice President Cevdet Yılmaz has said.

The revised program will provide a framework for fiscal and monetary policies and include structural reforms, Yılmaz said in an interview with private broadcaster CNN Türk.

The government announced the medium-term program, which covers the 2023-2025 period, in September 2022.

The revised program will contain new three-year predictions and targets, Yılmaz said, adding that there will be consultations with related parties in preparations.

"This document will provide predictability. We now have predictable five-year perspectives. We will overcome hardships with stability and confidence."

Yılmaz noted that the Turkish economy recorded strong growth rates in the past three years while global growth remained sluggish.

"However, at the same time, we have been facing problems such as rising prices and other social issues. Now it is time for an all-out struggle against inflation," the vice president said.

Developments in the global economy, such as weak growth and lower energy prices, will help to bring the inflation rate in Türkiye down, Yılmaz noted.

Inflation started to decline, and the outlook on this front will improve further in the upcoming period, he said, reiterating that the government has taken and will continue to take measures to protect working people against inflation.

According to the latest official data, the annual inflation rate, which hit 86 percent last year, slowed from 43.7 percent in April to 39.6 percent in May.

"The foreign exchange rates will stabilize as exports rise and by taking measures which help increase FX revenues. Our aim is to diversify instruments to...