Finance Minister: Laws will be Passed in Time

The IMF will approve the stand by agreement for the release of $10 billion credit for the 2005-2007 period, but for the IMF Executive Board of Directors to convene the income management draft bill needs to be legalized and financial services and social security draft bills must be sent to the Turkish National Assembly (TBMM). The Incentive bill, which increases the number of cities eligible for subsidies from 36 to 49, is among the IMF-monitored laws. It has been anticipated that an income management bill, which was discussed at the second commission yesterday, will be sent to the general council next week and two social security bills from the Prime Minister’s Office will be sent to Parliament today (31 March) or tomorrow. Similarly, it was announced that the Financial Services draft will be sent to Parliament as soon as possible. Unakitan responded to criticisms about the delays, saying, "Nothing is late. We are living in a democratic country, not an authoritative one. These laws will be passed in time. There might be some delays, but that could happen in any country. What is important is the government’s continuing determination to implement reforms without sacrificing financial discipline." The Minister reminded that budget results had been exceeded during the January-February period and remarked, "We aren’t looking for periodic budget successes in the 2005 budget but the end of year goals. We have to meet the goals at the end of the year. We, as the government, will continue to implement the structural reforms. Whenever US Federal Reserve (FED) President Alan Greenspan decides to increases or decrease interest rates, fluctuations occur here as well, but we have to trust ourselves."