Turkey slashes public investments 15% to rein in inflation

Erdogan's government switches gears toward an estimated $3bn in spending cuts

20240514N Turkey construction REUTERS

A construction site in Istanbul. Turkey will halt public investment in new buildings for three years. © Reuters

KANA WATANABE, Nikkei staff writer

ISTANBUL -- Turkey's government will cut investments in public works by 15%, part of spending reduction measures aimed at combating soaring inflation.

Public investment will be limited to infrastructure and other projects that are at least 75% completed, as well as to earthquake-related measures, government officials announced Monday.

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