Türkiye moves to expedite investor payments from affected funds: Simsek

Türkiye is taking steps to ensure investors in troubled funds receive payments as quickly as possible and at the highest possible level, Treasury and Finance Minister Mehmet Simsek has said.Simsek said on Turkish social media platform NSosyal on Thursday that relevant institutions were continuing to work on the affected funds in close coordination.The justice ministry is also pursuing legal proceedings to protect investors’ rights and hold those responsible accountable, he said.Simsek said stronger macroeconomic fundamentals and measures being taken would limit the impact of recent developments on the financial system and wider economy.He said the measures would also help build a stronger and more resilient capital market.Türkiye's economic indicatorsSimsek said Türkiye remained resilient despite challenging global conditions and wars, with inflation continuing to decline despite high commodity prices.He said economic growth was about twice that of Türkiye’s trading partners, while the current account deficit stood at 2.6 percent of GDP.Gross external financing needs were 16 percent of GDP, below the long-term average of 20 percent, while gross external debt stood at 32 percent of GDP, compared with a long-term average of 44.5 percent.The budget deficit was around 3 percent of GDP, roughly half the average for developing countries, Simsek said, while public debt stood at 22 percent of GDP, about one-third of the average level in developing countries.