Report

Turkey : Strengthening the Framework for Sub-National Borrowing

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collection.link.214
https://openknowledge.worldbank.org/handle/10986/11872
collection.name.214
Policy Notes
dc.contributor.author
Liu, Lili
dc.date.accessioned
2017-02-14T16:11:33Z
dc.date.available
2017-02-14T16:11:33Z
dc.date.issued
2009-05-22
dc.date.lastModified
2021-04-23T14:04:33Z
dc.description.abstract
Local government finance has taken on increasing importance in Turkey, with the evolving fiscal decentralization and the growing role of local administrations in public investment. The focus of this policy note is on sub-national borrowing as an essential component of the framework for sustainable sub-national finance. Sound management of sub-national borrowing is important for ensuring debt sustainability. Past problems with fiscal deficits by local administrations in Turkey have led to two major debt restructurings. The Government has undertaken many laudable improvements in the system of fiscal management and control of local administrations in recent years, in particular by regulating the procedures for borrowing, raising the requirements for accounting and reporting, and tightening the terms for Treasury guarantees of foreign borrowing. The rest of the policy note is organized as follows. The next section summarizes the framework for sub-national borrowing in Turkey and reviews areas for further development, including in particular, an effective insolvency mechanism. Section three presents rationales for a sub-national insolvency mechanism and describes how the entry points for reform have contributed to varying modalities across countries. Section four discusses key design issues for a sub-national insolvency mechanism, driven by the fundamental difference between public and private insolvency. Final section five presents possible medium-term reform options for Turkey.
en
dc.identifier
http://documents.worldbank.org/curated/en/425611486110135962/Turkey-Strengthening-the-framework-for-sub-national-borrowing-selected-issues-a-policy-note
dc.identifier.uri
http://hdl.handle.net/10986/26063
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
subnational governance
dc.subject
debt
dc.subject
municipal finance
dc.subject
financial distress
dc.subject
insolvency
dc.subject
creditor rights
dc.subject
debt restructuring
dc.title
Turkey
en
dc.title.subtitle
Strengthening the Framework for Sub-National Borrowing
en
dc.type
Report
en
okr.date.disclosure
2017-02-03
okr.doctype
Economic & Sector Work :: Policy Note
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/425611486110135962/Turkey-Strengthening-the-framework-for-sub-national-borrowing-selected-issues-a-policy-note
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
090224b0848fb519_1_0
okr.identifier.internaldocumentum
27159367
okr.identifier.report
111644
okr.imported
true
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/425611486110135962/pdf/111644-WP-PUBLIC-Turkey-Strengthening-the-Framework-for-Sub-national-Borrowing.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Turkey
okr.topic
Finance and Financial Sector Development :: Bankruptcy and Resolution of Financial Distress
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Finance and Financial Sector Development :: Financial Crisis Management & Restructuring
okr.topic
Finance and Financial Sector Development :: Financial Regulation & Supervision
okr.topic
Finance and Financial Sector Development :: Public & Municipal Finance
okr.topic
Finance and Financial Sector Development :: Strategic Debt Management
okr.unit
Director GII (GGOGI)

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