Treasury and Finance Minister Berat Albayrak unveiled the New Economy Approach at the meeting held in Dolmabahçe Palace in Istanbul. 

Indicating that they look for a new name for the medium-term program that will be announced in September, Minister Albayrak said, "The new name details will emerge. One of the important steps of the new economic approach is to be a committed approach. We will take a new important step in this ministry the coordination as the new model. Change that aims... So if Turkiye jumps to a higher point level, we have to change things."

"Another of our main principles is to establish a full independence of monetary policy. I refrain from talking about the Central Bank as much as I can and when I have to speak, I use a sensitive language. The Central Bank's independence should always continue as a principle. Its independence is very important. Reinforcing financial stability will be one of our high priority targets," he added.

Since taking office, Albayrak has been holding meetings with stakeholders including scholars, businesspeople, and representatives of business associations. He highlighted that the new economic approach has been shaped by the outcomes of these meetings and the ministry will continue its strong dialogue with stakeholders in preparation of the MTP that will enable Turkiye to become one of the high-income countries, a goal the country has set as part of its 2023 vision.

Turkiye will fight inflation, ensure fiscal discipline, and lower the current account deficit to provide economic balance, Albayrak underlined.

"We will recover the environment of confidence and boost productivity and savings."

Turkiye also will deepen capital markets to diversify sources for financing public debt, he added.

According to the minister, the fields of strategic growth will be identified, especially those with the value-added, strategic and technological output.

"We will focus on exports and cutting the current account deficit," he added.

The country's tax system will be also simplified and the government will aim for a productive Turkiye, he stressed.

Saying that Turkiye will start a transformation process in its tax system, Albayrak explained that this would result in a fairer tax system.

The number of indirect taxes will be cut, while the government will fight the underground economy and bring down unemployment.

He added that skilled human resources and a strong society will support the three main phases of Turkey's new economic perspective. (ILKHA)