Turkish presidency on Friday submitted a motion to the parliament for the nation’s 2020 budget. According to the 2020 budget, Turkey has earmar
Turkish presidency on Friday submitted a motion to the parliament for the nation’s 2020 budget.
According to the 2020 budget, Turkey has earmarked 88.5 billion Turkish liras ($15 billion) for public investment in the transportation, industry, health and education sectors.
The budget expenditures were projected at 1.095 trillion liras ($0.19 trillion). Also, non-interest expenses will round up at 956.5 billion liras ($163.14 billion).
Budget revenues were projected at 956.6 billion liras ($162 billion) and tax revenues at 784.6 billion liras ($133 billion). The budget deficit was predicted at 138.9 billion liras (nearly $23 billion) for next year.
With the 2020 budget, the government has raised agricultural spending, more than last year’s 33.4 billion liras (nearly $5.67 billon). Also, 22 billion liras ($3.7 billion) have been allocated for agriculture support programs.
Meanwhile, the real sector support will continue into the next year with an allocation of 44.5 billion liras ($7.56 billion).
A total of 188.6 billion ($32 billion) liras will be allocated for spending in the health sector.
The health sector has remained a top priority for the government with its budget allocation increasing from 11.3% in 2002 to 17.2% in 2020.
Also, the government has set a revenue target of 10 billion liras ($1.71 billion) from privatization in 2020.
The budget will be first presented to the parliament’s planning and budget commission.
Later, it will be debated in the general assembly in December where a heated exchange is expected.
The budget schedule of the parliament will be defined by the speaker office by Oct. 21.
The budget for 2020 will be the 18th budget of the ruling Justice and Development (AK) Party government and the second of the presidential system of governance.