Deputy Prime Minister Mehmet Şimşek has announced a plan to grant Turkish exporters to Russia and Iraq a loan facility in an attempt to support businesses selling goods to such countries who have been negatively affected by the recent political tension.
In a press conference hosted by the Turkish Exporters Assembly (TİM) on Tuesday, Şimşek said the government will make it much easier for businesses who export to Russia and Iraq to obtain loans from the state-run Eximbank. Şimşek also asked the bank to postpone for a year demands for the repayment of debts of businesses who export to Russia and Iraq.
Turkish exports to Russia fell by 65 percent from $313 million to $110 million year-on-year in January.
Turkish exports to Iraq decreased by 47.9 percent to $441 million year-on-year in January. Turkey’s overseas sales in general hit $9.2 billion in January, a 14.4 percent drop compared to the corresponding figure in the first month of 2015. Şimşek said exporters were not to blame for declining figures. “This has been caused by a number of geopolitical developments. The government is supporting our exporters,” the deputy prime minister said.
On Monday, the government also unveiled a stimulus package for Turkish tourism facilities who expect a continued decline in the number of arrivals from Russia, the second-largest national group that visited the country in 2015.