ANKARA, May 17 (Xinhua) -- Turkish government on Friday submitted a draft bill to the parliament for urgent legislation including an economic package of incentives to ease economic woes.
The government aims to realize the economic measures ahead of the renewal of Istanbul elections.
Mehmet Mus, lawmaker of the ruling Justice and Development Party, said that the draft bill was submitted to the parliament speaker's office, which includes incentives for the automotive sector and coal mining.
Mus said that there is already a support mechanism for coal mining and "with the proposal, this support mechanism will increase as the price falls."
"Depending on the drop in coal prices in the international market or in Turkey, our support ratio will increase," he said.
The local media reported that the government would propose legislation to allow the transfer of the central bank in legal reserves to the Ministry of Treasury for use in the government's budget, but the package did not include such a draft law.
There have been discussions on such a move, but some officials from the economy bureaucracy objected the legislation, a Turkish official told Xinhua on condition of anonymity.
The official noted that the transfer of central bank's reserves to the government budget would leave a negative impression on foreign markets.
"Legal reserves" are the central bank's profits that are put aside by law for extraordinary situations, the official added.
Turkey's government budget balance saw a deficit of nearly 54.5 billion liras (9.17 billion U.S. dollars) in the first four months of 2019.
Turkey stepped into recession in two consecutive quarters last year, the first of such a situation after a decade of strong growth.
But the path to recovery for the largest economy in the Middle East is hampered by high inflation and unemployment.
