Turkish President Erdogan announces Economic Stability Shield, a wide-ranging aid package to help Turkey weather the coronavirus impact on its economy
President Recep Tayyip Erdogan launched on Wednesday over 20 financial measures being taken by Turkey to combat the impact of the coronavirus pandemic.
Following an economic turbulence in 2018 the Turkish economy rebounded strongly in the latter part of 2019, growing 6 percent in the fourth quarter after government steps to boost economic activity. The VAT rate for domestic flights lowered from 18 percent to 1 percent for 3 months and businesses affected by the measures against Covid-19 outbreak can delay loan/credit and interest payments a minimum of three months, and will be supported by additional financial liquidity if needed.
President Erdogan also said that the government will promote credit packages with favourable and advantageous conditions for Turkish nationals.
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