The Wealth Fund may specifically serve as a warrant for satisfying external debt requirement of the Turkey's government, soL news columnist and professor of finance, Oğuz Oyan said.
Former auditor of the Court of Accounts and soL news columnist, Kadir Sev and Oğuz Oyan held a meeting on Turkey's wealth fund as spokespeople. The Justice and Development Party (AKP) government has ordered the transfer of tens of billions of dollars worth of state assets to a sovereign wealth fund.
Telling what the wealth fund is and what purposes it serves in other countries, Prof. Dr Oğuz Oyan remarked the dilemma and need for the external debt of Turkey’s economy, and stated that ‘the wealth fund may specifically serve as a warrant for satisfying external debt requirement of the AKP government'.
‘THERE IS THIS LOGIC BEHIND THE GOVERNANCE MENTALITY OF THE RIGHT IN TURKEY’
Oyan emphasised that Turkey’s right and right-wing governments have historically the same logic of governance regarding the economy of Turkey with the practices tried to be adopted by AKP's wealth fund policy.
He pointed out that the implementation of the economic governance, which is dependent on foreign loans and external sources since the period of the Democratic Party, and the implementations materialised in many different funds under the Turgut Özal government made the national economy ungovernable and extremely fragile. ‘As a response to the recent congestion in almost all fields, the AKP's efforts for a rapid implementation of the wealth fund policy may be evaluated with this historical continuity,’ Oyan added.
‘THE FUND REVEALS MANY QUESTION MARKS’
Kadir Sev underlined that the fund’s management should strictly be subject to the private law decrees, and non-subjection of the fund’s management to any supervisory institutions including the Court of Accounts in the current regulation paves the way for arbitrary use of public funds transferred to the wealth fund.
Sev also emphasised that many significant questions arise regarding how to manage the institutions transferred or to be transferred to the wealth fund, and social security situations of employees working in these institutions.
