Turkey to work with American management consulting firm for economic recovery

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Turkish President Recep Tayyip Erdoğan (L) and Treasury and Finance Minister Berat Albayrak Berat Albayrak. AFP PHOTOS

Treasury and Finance Minister Berat Albayrak on Thursday said Turkey would work with American management consulting firm McKinsey & Company as part of the New Economic Program (NEP) that was unveiled to facilitate recovery from recent economic problems, Sputnik’s Turkish service reported.

“For the Expenditure and Transformation Office within the scope of the NEP we decided to work with international management corporation McKinsey. With representatives from 16 ministries, this office will check our goals and results [regarding the economy] every quarter,” Albayrak said at a meeting with Turkish and American businesspeople in New York.

Albayrak announced the NEP on Sept. 20, slashing the Turkish economy’s growth expectations for the next a couple of years in response to a currency crisis the country has been experiencing.

The Turkish lira has lost almost 50 percent of its value against the US dollar since the beginning of this year.

Some Turkish economists criticized the deal with the American company, stating that the checks and balances in economic development was the duty of the Chamber of Accounts, which was defunctionalized by the ruling Justice and Development Party (AKP) government by ignoring its reports on state expenditures.

McKinsey & Company refused to comment on the story due to their “longstanding policy of not commenting on client work.”

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