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finance deterioration accelerated in the 1990s as a
result of the structural problems of the Turkish economy
and reached its peak level when the financial crisis
occurred in 2001.
By
means of the economic program, the worsening of the
trend has been completely reversed and budgetary discipline
has been established.
Thanks to the recent economic program, the total net
public debt stock standing at 61.5 per cent of GDP in
2002 decreased to 29.1 per cent at
the end of 2007.
As
for public sector, at the end of 2007, total outstanding
external debts amounted to $ 69.2 billion (YTL 97.3
billion) whereas total domestic debt stock amounted
to $ 189.2 billion (YTL 265.9 billion).
Real
interest rates have plunged to single digit levels since
the last quarter of 2004. Please note that real interest
rates were more than 30% in the last decade. Thus, Treasury
decreased its domestic borrowing costs substantially.
Public sector borrowing requirement (as a share of GDP) has decreased significantly since 2001.
The
average maturity in Treasury domestic debt auctions
held in 2007 surpassed the average level attained in
2006.
In
2007, the public sector primary surplus (IMF definition)
was 3.5% of GDP.
In
January 2007, Turkish Treasury reopened the bonds due 26 September 2016 and 17 March 2036. The bonds due 2016 and 2036 have been increased by a further USD 500 million.
In February, the first Euro denominated Global bond of the year, as part of the 2007 external borrowing programme, was issued. The bond had 12 years to maturity with a nominal amount of EUR 1.25 billion. In February, Turkish Treasury also reopened the bond due 5 June 2020. The bond has been increased by a further USD 750 million.
Turkish Treasury released one more
issue in October amounting
USD 1.25 billion.
Approximately USD 4.6 billion of funds have been raised via the Bond issuances in 2007.
EUROBOND
ISSUANCES IN 2006,
2007, 2008
For
further information, please click on the followings:
Debt
stocks
Budget
revenues and expenditures
Other
public finances
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