Turkey sector Operational Programme Environment and Climate Change
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- 8.Public finance management
- 9.Macro-economic framework
7.Performance assessment frameworkIn accordance with the Public Finance Management and Control Law, a strategic plan and performance-based budgeting concept has been put into practice. Within this scope, annual performance programmes and activity reports prepared on the basis of different administrations are presented to the related Ministries, e.g.: Ministry of Development, Ministry of Finance, Turkish Court of Accounts and the Grand National Assembly of Turkey. They are also shared in the public domain in order to gauge public opinion. The overall performance management monitoring is conducted by the Ministry of Development (MoD). MOD conducts monitoring of investment programme and annual programme through the General Directorate for Investments Programming, Monitoring and Evaluation (DG IPME) established in 2011. The investment projects under the sector are monitored through this DG. In terms of monitoring of EU funds, under the IPA structure, candidate countries are required to establish a monitoring and evaluation mechanism similar to Structural Instruments. In this framework, monitoring and evaluation units were established under OS. Besides, monitoring committees for OPs under IPA Component 3 and 4 (2007-2013) were set up within one month after the approval of OP in November 2007. In parallel to this institutional design, an on-line system, Integrated Monitoring Information System (IMIS), was developed under the coordination of MoD. The IMIS was launched in 2010. The IMIS is an integrated system enabling to monitor all operations/projects under OPs of IPA Component 3 and 4. Financial, physical and tendering processes are monitored through data entry forms filled out by OS and beneficiaries under the IMIS. Reports are generated by the users at different levels from operation to programme level, which provides necessary data for evaluation. For the monitoring of EU funds under IPA structure the mechanisms of IPA I period explained above will be in place for the IPA II period as well. The IMIS is also accessible to all main stakeholders involved in IPA. IMIS, as a monitoring information system, covers the process from the signing of an operational agreement to making final payment for a specific project. Phases, before the signing of operational agreements, such as programming and project selection will be monitored through management information systems to be established by OSs for each OP. 8.Public finance managementTurkey's PFMC Law requires the annual preparation of a medium-term programme with a three-year perspective with a MTFP linked to it. The medium-term programme is based on macroeconomic policies, principles and economic targets and indicators. The MTFP includes total revenue and expenditure projects for the next three years. In line with the PFMC Law, public administration institutions are required to prepare multi-annual strategic plans within the framework of development plans, programmes, relevant legislation and basic principles adopted, as well as a determination of strategic goals and measurable objectives. There are 1,39410 municipalities in Turkey which secure financing for infrastructure from various resources such as the national budget, IlBank, Ministries, IFIs etc.
The main objectives of the macroeconomic policy in the forthcoming period are on the one hand to reduce current account deficit gradually, and on the other hand to increase the growth rate through minimising the effects of global uncertainty on Turkish economy. Within this context, real GDP growth which is estimated to realise realise around 3.6% in 2013, is expected to increase to 4% in 2014 and converge towards the potential growth rate of 5% in 2015 and 2016 (PEP 2014-2016). While converging gradually towards potential growth, with the effect of macro-prudential measures implemented, macroeconomic policies target decreasing current account deficit to GDP ratio gradually to 6.4% in 2014, 5.9% in 2015 and 5.5% in 2016 (PEP 2014-2016). Simultaneous decline of total investments and savings in recent years has increased the need for structural policies in this area. Effects of changes in US monetary policy since May 2013 have highlighted this need. Accordingly, increasing domestic savings, directing resources to productive areas, raising productivity level of the economy, increasing employment, reducing inflation will be among the main macroeconomic targets (PEP 2014-2016). In this framework, with the acceleration in GDP growth, the unemployment rate is expected to gradually decline from its 9.7% level in 2013 to 8.9% in 2016 (PEP 2014-2016). The Central Bank of Republic of Turkey (CBRT) will continue the inflation targeting regime in compliance with the main objective of achieving price stability. The CBRT targets decreasing the inflation rate (end-year CPI inflation) gradually from its 7.4% level at end-2013, to 5% at end-2016. The ultimate target is to decrease inflation rate to levels complying with the Maastricht criteria, while taking into account financial stability issues into consideration (PEP 2014-2016). The strong stance in public finance will be maintained in the medium term, fiscal policies will be supportive for the goals of strengthening economic and financial stability, for keeping current account deficit under control through increasing domestic savings and raising growth potential of the economy. Sustainability of public finances will be pursued by keeping public sector borrowing requirement at reasonable levels, and achievements in public finances in the past will be continued as well. Accordingly, general government deficit, which is estimated to realise around 1% of GDP in 2013, is estimated to decrease to 0.5% of GDP in 2016 (PEP 2014-2016). With this successful performance in public finances and sustaining of growth in the economy, general government debt stock to GDP ratio is forecasted to decrease from 35% in 2013 to 30% in 2016 (PEP 2014-2016). Moreover, transformation of the existing production structure is targeted via reducing import dependency and increasing innovation capacity of the economy. The structural policies towards these areas will contribute to increase in potential growth rate and reduction in the saving-investment gap through enhancing competitiveness of the economy in the medium term. Thereby, important progress will be ensured towards achieving the long-term development goal of the Tenth Development Plan that is to upgrade the global position of Turkey and enhance welfare of people.
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