Turkey collects nearly $5 bln from debt restructuring: minister

11:59, July 16, 2011      

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The Turkish government collected nearly 8 billion liras (about 4.87 billion U.S. dollars) from taxpayers in a debt restructuring program in the first half of 2011, Finance Minister Mehmet Simsek announced Friday.

"We expect it to rise significantly by the end of the year," Simsek told a press conference on the government's budget performance in the first half of 2011.

However, Simsek said, the government would not use the money in current expenditures.

The Turkish government plans to collect nearly 30 billion liras (18 billion dollars) in taxes according to a law passed earlier this year and more than four million people have applied for a restructuring of outstanding taxes they owe the state under the new law.

Simsek urged public institutions not to ask for supplementary appropriation, saying that "we will take our stance considering Turkey's long-term priorities."

Source: Xinhua
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