Turkey Roundup: Climate funds, healthcare system mistrust, Erdogan sues mayor
$1 billion plan to upgrade Turkey's electricity grid
The Climate Investment Funds (CIF) has approved a $1 billion plan to upgrade Turkey's electricity grid to support renewable energy integration. The initiative includes a $70 million investment from CIF’s Renewable Energy Integration platform, aiming to attract an additional $790 million for infrastructure and $330 million for technology enhancements. The plan, developed in partnership with the EBRD and World Bank, seeks to enable Turkey to integrate 60 Gigawatts of new wind and solar capacity by 2035. This modernization effort aligns with Turkey’s commitment to achieve net zero emissions by 2053 and enhance its renewable energy capabilities, Duvar reports.
Public outrage over deaths of 10 newborns
The tragic deaths of 10 newborns in Turkey have ignited public outrage and eroded trust in the nation's healthcare system. Following the incidents, prosecutors charged 47 medical workers, including Dr. Firat Sari, with neglect and malpractice, alleging they falsified records and embezzled money through unnecessary extended treatments in inadequate private hospitals. Families affected by the deaths are demanding investigations, with over 350 families petitioning authorities. According to Jakarta Globe, President Erdogan acknowledged the need for accountability but cautioned against generalizing the issue to the entire healthcare system. Parents like Burcu Gokdeniz, who lost her baby, expressed feelings of betrayal and fear for their surviving children, highlighting the growing distrust in healthcare for vulnerable newborns.
Steel consumption drops
Steel consumption in Turkey from January to September 2024 decreased by 4.2% year-on-year to 27.8 million tons. Local steel production rose by 13.8% to 27.9 million tons. Exports of finished steel products surged by 31.6% to 27.8 million tons, while imports fell by 12.5% to 9.8 million tons, improving the export-import coverage ratio from 52.0% in 2023 to 75.9% in 2024. As reported by GMK Centre, in September, steel consumption increased by 0.8% to 2.9 million tons, with exports and imports both seeing growth. Notably, shipments to the EU increased by 98%. In 2023, Turkey's overall steel production declined by 4% to 33.7 million tons, with steel exports down 30.6% to 10.5 million tons.
S&P upgrades Turkey's credit rating
Standard and Poor's upgraded Turkey's long-term sovereign credit rating from B+ to BB-, citing economic improvements due to the central bank's strict monetary policy. This has helped stabilise the lira, reduce inflation, rebuild reserves, and decrease the savings gap with the rest of the world. The central bank raised interest rates from 8.5% to 50% from June 2023 to March 2024 to combat inflation, which officially decreased to 49.38% in September after peaking at 85.5% in October 2022. S&P expects no medium-term outlook changes as Turkey works on reducing inflation and rebalancing its economy, Barrons reported.
Erdogan sues mayor
Turkey's President Recep Tayyip Erdogan has filed a lawsuit against Istanbul's opposition mayor, Ekrem Imamoglu, for allegedly slanderous remarks made during a protest rally. The lawsuit claims Imamoglu's comments, related to the arrest of another opposition mayor, damaged Erdogan's reputation and incited hatred. Imamoglu, a prominent figure in the Republican People's Party and a potential candidate for the 2028 presidential race, previously faced legal issues for calling election officials "idiots" during the 2019 mayoral election, resulting in a conviction and a nearly three-year prison sentence, which he is currently appealing. Erdogan, who began his political career as Istanbul's mayor, has distanced himself from the earlier case against Imamoglu, The New Arab reports.
