Turkey

İstanbul city council slashes new mayor’s borrowing limit

The borrowing limit granted was TL 1.525 million ($264,000), down from the TL 2.225 million ($386,469) originally requested by İmamoğlu.

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İstanbul’s city council has downscaled a borrowing request made by newly elected Mayor Ekrem İmamoğlu, the Sözcü newspaper reported on Friday.

The borrowing limit granted was TL 1.525 million ($264,000), down from the TL 2.225 million ($386,469) originally requested by İmamoğlu.

İmamoğlu is reportedly upset about the cutback as it significantly undermines his aim to pay off the municipality’s old debts in order to secure cash flow.

He made the request on July 8 during a meeting of the city council in which he presented the financial difficulties the municipality is faced with.

The council members from the ruling Justice and Development Party (AKP), which holds the majority on the council, had initially promised to approve the borrowing request.

“You are telling us not to invest in İstanbul and that we are supposed to pay off the interest on the debts you created,” İmamoğlu said, referring to the AKP administrations that ran the municipality before he took office.

He also claimed that some TL 1.7 billion ($295,000) was spent the day he won the election, on June 23.

Source: Turkish Minute

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