The Presidential Circular numbered 2022/15 on Investment Program Preparations for the 2023-2025 Period is Published

16.09.2022 Melis Uslu
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The Presidential Circular numbered 2022/15 on Investment Program Preparations for the 2023-2025 Period (Circular) is published in the Official Gazette dated 14.09.2022 and numbered 31953 (bis). 

  • The Circular emphasized that the main priorities are to make savings in public expenditures in order to realize sustainable growth, to maintain price stability by reducing inflation, to increase domestic savings, to reduce the current account deficit, to further strengthen public financial balances and discipline and thus to maintain macroeconomic and financial stability.
  • In this respect, it was stated that the resources allocated for public investments will be directed to infrastructure projects that will meet fundamental social needs and support productive activities, and utmost care will be taken to realize investments in a cost-effective, efficient and prompt manner, to use the current capital stock more effectively and to transform investment expenditures into economic and social benefits as soon as possible.
  • The Circular sets out several subjects including the details on the investment program preparation process and principles to be followed; several forms, in particular the feasibility study format and project proposal form; principles regarding investment projects to be carried out with foreign loans; priorities given on sectoral, regional and project basis.
  • According to the Circular, in project-based appropriation proposals and allocations, priority will be given to ongoing priority projects that can be completed as soon as possible, and no new projects will be included in the 2023 Investment Program, except in mandatory cases within the scope of austerity measures.

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