UPDATE - Turkey to unveil economic measures against coronavirus

UPDATE WITH MORE REMARKS FROM THE MINISTER

By Tuba Sahin

ANKARA (AA) - Turkey will unveil measures to reduce economic impact of coronavirus outbreak this week, treasury and finance minister said on Monday.

"President Recep Tayyip Erdogan will announce steps to be taken this week," Berat Albayrak said on Twitter.

Albayrak stressed that the country prioritized being prepared for the effects of coronavirus outbreak on the economy.

Turkey has taken measures to prevent markets from failing in access to liquidity due to the virus, he said, adding: "Turkey is more prepared, cautious than ever regarding possible global turbulence."

For this purpose, the ministry has worked in coordination with non-governmental organizations and sector representatives such as Turkish Union of Chambers and Commodity Exchanges (TOBB), Turkish Exporters’ Assembly (TIM), Turkey's Foreign Economic Relations Board (DEIK), Confederation of Turkish Tradesmen and Craftsmen (TESK), Turkish Industry and Business Association (TUSIAD) and Turkey's Independent Industrialists' and Businessmen's Association (MUSIAD).

"Our country can overcome such processes easily thanks to its strong production infrastructure, low indebtedness, qualified and trained labor force, and a dynamic domestic market," the finance minister said.

After emerging in Wuhan, China last December, COVID-19 has spread to at least 146 countries and territories.

The global death toll is now over 6,400, with more than 164,000 confirmed cases, according to the World Health Organization, which has declared the outbreak a pandemic.