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Turkey: Governments
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One of Turkey's next priorities for privatization in the energy sector is the country's largest petrochemical producer, Petkim. In August 2003, Turkey announced the opening of a tender for sale of an 88 percent stake in Petkim after canceling another possible sale, for $605 million to the prominent Uzan family. In April 2005, 35.4 percent of the government's shares in Petkim were sold, mainly to foreign investors, for $267 million.
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Turkey's economy grew an average of 6.0% per year from 2002 through 2007--one of the highest sustained rates of growth in the world. It is expected to grow about 5.5% in 2008. Inflation and interest rates have fallen significantly, the currency has stabilized, government debt has declined to more supportable levels, and business and consumer confidence have returned. At the same time, booming economic growth has contributed to a growing current account deficit. Though Turkey's vulnerabilities have been greatly reduced, the economy could still face problems in the event there is a sudden change in investor sentiment. Continued implementation of reforms, including tight fiscal policy; securing independent Central Bank monetary policies, is essential to sustain growth and stability.
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In July 2002, Turkey's government announced that it would sell its 25.8 percent share in POAS to the majority shareholder, Is Dogan Petrol Yatirimlari AS ("Dogan"). The announcement came amidst calls by the IMF for an acceleration in Turkey's privatization process. In October 2004, Dogan
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Turkey's major agricultural products are cereals, cotton, tobacco, grapes, figs, olives, hazelnuts, oil-seeds, and tea. Until 1980 agricultural products, particularly cotton, provided the bulk of exports. Despite continued government attention to raising agricultural output, growth has been slow, limited by the lack of irrigated land and the low rainfall on the central plateau. Only about one-third of all land is cultivated, mostly on family-size plots, with larger farms in the coastal regions. Agriculture provides about 20 percent of the gross national product.
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The six cases discussed here for which there exists a decision of admissibility, were ruled admissible because the Commission found that there was sufficient proof of the inadequacy of domestic remedies in the areas of southeastern Turkey under emergency rule. The Commission rejected the government's position that these applications were inadmissible because of a failure to exhaust domestic legal remedies under Article 26 of the Convention. The Commission did not rule... that there were no domestic remedies in Turkey regarding administrative practices. In Akduvar and Others v. Turkey (Application Number 21893/93), the Commission wrote that:
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The IMF and World Bank are pressing Turkey to move towards rapid privatization of the country's power sector in order to increase efficiency and to relieve pressure on the government's budget situation. To date, privatization has been slowed by lack of investor interest, as well as economic and political uncertainty, although the Turkish Privatization Administration said in September 2004 that it would start privatizing the country's regional power distributors at the end of 2004.
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