The TRNC Government Allowed to Borrow 3 Billion Turkish Lira

The coalition government of the TRNC, comprising three parties - the Party of National Unity, the Democratic Party, and the Revival Party - will borrow 3 billion Turkish lira (approximately 73 million pounds sterling). This is necessary to "fulfill the financial obligations of the state."

According to the decision published in the Official Gazette, the Ministry of Finance of the TRNC has been authorized to take out loans.

"The Council of Ministers has allowed the Ministry of Finance to borrow 3,000,000,000 TL (three billion Turkish lira) within the framework of the Budget Law for the 2024 fiscal year, to enable the state to fulfill its financial obligations," the document states.