Public debt increased by 41 percent

Public debt increased by 41 percent
Date: 22.1.2021 14:00

The “Problems of Industry” published every month by the Chamber of Mechanical Engineers (MMO) revealed the debt swamp that the public in.

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It was emphasized in the bulletin that the public debt stock increased by 41 percent in 2020 and this situation will cause "alarm bells" to ring in the public for 2021.
In the December results of the "Problems of the Industry" bulletin prepared every month by the Chamber of Mechanical Engineers (MMO), it was noted that the public sector deficits and the growing debt stock increased by up to 41 percent in 2020.
In the bulletin, which stated that economic fluctuations widened the general government deficit with the effect of the outbreak in 2020, compared to the previous year, "While central budget expenditures increased by more than 20 percent compared to 2019, the increase in revenues remained at 17.6 percent, and the budget deficit was around 125 billion TL in 2019, approaching 173 billion TL in 2020 and increased by 38 percent. The black hole grew in the central budget, which is the backbone of state finances. The deficit of 173 billion TL at the end of 2020 is close to three-quarters of the general government deficits," was stated.


It was noted in the bulletin that the most important black hole in the public is the commitments made to companies undertaking public-private partnerships.
It was stated that "Service-energy purchase commitments of 156 billion dollars, which were committed to these companies during the contract period (most of them for 25 years), turnover guarantees, bringing heavy burdens on the central budget, as well as obliging the state to assume close to $ 20 billion in foreign debt made by these companies."


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