Turkish parliament ratifies 2020 budget

Turkish lawmakers ratified the 2020 budget Saturday following a 12-day marathon session in the general assembly.

Parliament Speaker Mustafa Sentop announced the budget was supported by 329 lawmakers while 159 voted against it in the 600-seat chamber.

Lawmakers from the ruling Justice and Development (AK) Party and opposition Nationalist Movement Party (MHP) approved budget.

Turkey earmarked 88.5 billion liras ($15 billion) for public investment in transportation, industry, health and education.

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).

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.

The government raised agricultural spending more than last year's 33.4 billion liras ($5.67 billon). Also, 22 billion liras ($3.7 billion) have been allocated for agriculture support programs.

Meanwhile, 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 on health.

The health sector remained a top priority for the government, with its budget allocation rising from 11.3% in 2002 to 17.2% in 2020.

Also, the government set a revenue target of 10 billion liras ($1.71 billion) from privatization in 2020.

President Recep Tayyip Erdogan described the budget as a “cornerstone,” in a voice message on Twitter.

“I congratulate everyone, who exerted efforts, particularly Grand National Assembly of Turkey that conducted the budget works, which I think a very important cornerstone, successfully and our deputies, during our march towards our 2023 targets,” Erdogan said.

“It is now time to walk through our goals much more determinedly and strongly,” he added.

The budget is the eighteenth budget by the AK Party and the second under the presidential system of governance.