Regulation increasing the Treasury's borrowing limit in omnibus proposal

The "omnibus bill" proposal regarding the economy was accepted by the TBMM Industry and Trade Commission. The proposal also included a regulation that would add 200 billion Turkish Lira to the 2022 borrowing authority of the Ministry of Treasury and Finance. The Bill on Amendments to the Electricity Market Law and Certain Laws and Decree Law No. 375 was accepted by the TBMM Industry, Trade, Energy, Natural Resources, Information and Technology Commission. With the proposal, a temporary article was added to the Law on Regulation of Public Finance and Debt Management. Accordingly, 200 billion Turkish Lira will be added to the borrowing authority of the Ministry of Treasury and Finance. Thus, the borrowing authority of 293 billion will be increased to 493 billion Turkish Lira. Contract periods in privatized ports to be extended up to 49 years With the proposal, the contract periods of less than 49 years signed as a result of the privatization of some ports belonging to the Turkish Maritime Enterprises Joint Stock Company and the General Directorate of State Railways of the Republic of Turkey through the granting or transfer of operating rights will be extended up to 49 years. In order to sign an additional contract, the operating companies will have to fully fulfill all financial obligations arising from the contract granting the operating right and waive any lawsuits filed arising from the contract granting the operating right. In addition, the operating companies will have to make investments related to port activities at a rate of 10 percent of the additional contract price in addition to the investment condition included in the privatization contracts and realize these investments within 5 years from the date of signing the additional contracts. At the end of the period, the operating companies will be required to submit a report indicating that the investment has been realized and the information and documents encouraging this situation to the Turkish Maritime Enterprises Corporation or the General Directorate of State Railways, depending on the relevance, for inspection.