Sunday, 17 February, 2019


Turkish President Erdogan Visits Baku A Day After Inauguration

Sergei Bobylev  TASS Sergei Bobylev TASS
Conrad Doyle | 12 July, 2018, 15:02

The Amir left Ankara later in the evening after attending the inauguration ceremony. "Where is the growth going to come from, given that we feel the funding capacity of the banks is close to exhausted?"

On July 9, Erdogan was sworn in and appointed a new 16-member Cabinet, including his son-in-law Berat Albayrak as treasury and finance minister.

Turkey's new government announced late on Monday the appointment of former chief of staff General Hulusi Akar as defence minister, a rare transition from military ranks to the political realm.

Empowered by a popular mandate on the back of a convincing electoral victory, Erdoğan will have to address urgent questions in Turkey such as the fate of more than 3 million Syrian refugees living in the country, the progress of the war across the border, a faltering economy and a weakening currency.

The new system was agreed in a bitterly fought 2017 referendum, but the changes have been vehemently denounced by the opposition. The issue is still polarizing in Turkey.

President Erdogan invited President Lungu along with Gabonese President Ali Bongo, Jose Mario Vaz of Guinea Bissau and Equatorial Guinea President, Teodoro Obiang Nguema to his inauguration.

The swearing-in ceremony of Turkish President Recep Tayyip Erdogan is taking place in Ankara.

Turkey is expected to adopt an increasingly nationalistic line in its foreign policy with the conservative and Islamic-leaning AKP and the nationalist MHP in parliament. Erdogan said that folk dancing and a laser show had been cancelled as a result.

The ceremony was attended by 22 heads of state, Prime Ministers and speakers of parliaments of 28 countries, as well as heads of six global organizations.

Erdogan is a self-described "enemy of interest rates" and investors are concerned that his push for cheaper borrowing costs will mean he will look to take greater control of monetary policy under the new system.

But Erdogan faces immediate challenges posed by Ankara's faltering bid to join the European Union and tensions between the United States and its North Atlantic Treaty Organisation ally.

Erdogan, the most popular and divisive leader in recent Turkish history, has now formally become the most powerful leader since Mustafa Kemal Ataturk founded the republic from the ruins of the Ottoman Empire.

Turkey also faces a widening current account deficit making it reliant on weak foreign investment to plug the gap.

Albayrak's surprise switch from the energy ministry spooked financial markets, who were also unhappy to see there was no room for outgoing deputy prime minister Mehmet Simsek, the government's pointman on the economy.

The lira erased earlier gains after the decree was published and was trading 0.2 per cent lower at 4.58 per dollar at 5:24 p.m.in Istanbul.

Ruhsar Pekcan, one of just two women in the cabinet, was named as trade minister.

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