Treasury and Finance Minister Mehmet Şimşek has embarked on a diplomatic visit to the United States, seeking to reassure investors and rating agencies of the Turkish government’s commitment to its medium-term economic program. The minister’s trip comes at a time when Türkiye is facing economic challenges, including high inflation and market turmoil.
According to a report by Daily Sabah, Şimşek held a series of high-level engagements in New York, meeting with real sector representatives, investors, and companies. The minister’s primary objective was to convey the message that Türkiye’s economic program will not change, despite recent market and trade developments.
“We will meet with real sector representatives, especially U.S. companies that plan to shift their supply to Türkiye, especially following recent developments,” Şimşek told reporters over the weekend, referring to the tariffs imposed by U.S. President Donald Trump. The minister’s comments were reported by Daily Sabah.
On Monday, Şimşek attended a large-scale investor meeting organized by the Türkiye-U.S. Business Council and Citi Group, bringing together primarily portfolio investors. The meeting was joined by senior executives from more than 25 institutions managing a combined $4 trillion in assets, Anadolu Agency (AA) reported, as cited by Daily Sabah. Şimşek later held separate assessment meetings with senior officials from the world’s three leading credit rating agencies.
The minister also met with Citigroup Chair John Dugan, accompanied by Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan during the New York leg of the trip. Şimşek is scheduled to arrive in Washington on Tuesday, where further meetings with international financial institutions are planned.
Türkiye’s economic program, implemented since mid-2023, centers around tight monetary policy, mainly aimed at curbing stubborn inflation. The program has shown positive results, with annual inflation slowing to 38.1% in March, marking the lowest since December 2022 and extending the fall from a peak of around 75% last May. The central bank’s year-end inflation estimate currently stands at 24%.
“It is too early to analyze the permanent effects of recent developments in domestic financial markets and the global economy on our program targets,” Şimşek told reporters over the weekend during a visit to the Black Sea province of Giresun, as reported by Daily Sabah. “What is essential is the determined implementation of our program. Our biggest priority is price stability, that is, a permanent decrease in inflation. We do not see any significant risk in this regard. In this context, we do not foresee any significant deviations in the program at this stage.”
Şimşek’s trip to the United States is seen as a crucial effort to reassure investors and rating agencies of the Turkish government’s commitment to its economic program. The minister’s meetings with high-level officials and investors aim to convey the message that Türkiye remains committed to its economic policies, despite recent challenges.
The Turkish government’s efforts to stabilize the economy have been underway since mid-2023, with a focus on monetary policy and inflation control. The program has shown positive results, with inflation slowing down and the economy showing signs of stability. Şimşek’s trip to the United States is an effort to build on this momentum and attract foreign investment to support Türkiye’s economic growth.
As reported by Daily Sabah, Şimşek said he would attend around 15 bilateral meetings or meetings organized by investment banks each day in the United States, and would convey the message that Türkiye’s economic program will not change. “In all these meetings, we will say that there is no change in the program, that there is a very strong political will behind the program,” he said.
