Economy

KGF Package Increased to TL350bn to Mitigate Earthquake is Impact on Economy

President Erdogan, who visited the earthquake zone that was destroyed by one of the biggest earthquakes in the country’s history, made statements after inspecting the area. According to Erdogan’s statements, all public officials in the country were on alert in the earthquake zone. During this process, it was announced by President Erdogan that over 71,000 debris had been removed in the earthquake zone so far (as of 20.02).

Rapid Reconstruction Plans in the Earthquake Zone Have Begun

According to President Erdogan’s statements, so far (as of 20.02.2023), the housing needs of a total of 1 million 684 thousand citizens have been met, and they stated that they will increase the number of containers in the region up to 200,000 for citizens whose housing needs have not been met. Work has begun to make solid and slightly damaged buildings livable for citizens again. It was reported that construction of a total of 91,000 houses in the earthquake zone will be started by TOKI. President Erdogan announced that reinforcement works will not be preferred in villages, and houses will be built in village areas instead. He also stated that TOKI payments will be postponed for 3 months.

KGF Package Increased to TL350bn to Mitigate Earthquake's Impact on Economy2

Earthquake Zone Citizens’ Credit Debts Will Be Written Off

The credit debts of citizens living in provinces and districts severely damaged in the earthquake have been postponed for 6 months. In places that survived with slight damage in the region, debts have been postponed for 1 month. It was stated that the credit debts of citizens who died in the earthquake will be completely written off. In addition, the debts of municipalities in the demolished areas to the Provincial Bank will be postponed for 3 months. President Erdogan also added that farmers who were affected by the earthquake will be granted the right to postpone their Treasury-supported loans for 1 year.

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Steve Carney

Financial Writer Hi there! I'm Steve Carney, a news editor with a passion for economics and cryptocurrency. With over 5 years of experience in the media industry, I've had the pleasure of reporting on some of the most exciting developments in the world of finance. After graduating from the University of Sussex with a degree in Media and Journalism, I've honed my skills as a writer and editor for various publications. My ability to break down complex economic concepts into simple, accessible language has earned me a reputation as a trusted source of information for my readers.

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