Turkish government ramps up privatization
A Turkish plan to privatize major public properties has come under fire from the opposition and sparked layoff worries among workers.
Scrambling for funds to keep its economy rolling, Turkey’s government plans to sell off major public plants, companies, ports and highways starting next year. The plan is expected to generate record privatization revenues.
Turkey’s privatization revenues hit an all-time high in 2013, totaling $12.4 billion. In 2014, the figure currently stands at $10 billion. The $12.4 billion record will almost certainly be broken next year, for the privatization of Spor Toto and the Horse Racing Authority alone are expected to generate $10 billion, with other major entities also on the list.
Sell-off list
As part of earlier privatizations, the state has completely withdrawn from a number of sectors, including petrochemicals, iron and steel, oil refineries, alcoholic beverages and tobacco and power distribution, while notably decreasing its share in the banking, insurance, telecommunication and air transport sectors.
