Economist Warns Turkey Nearing Social Collapse; US: F-16 Jet Sales 'In NATO's Interest'

LOCAL NEWS

• Turkish economist Korkut Boratav says that the country is on the verge of social collapse, highlighting that inflation has turned into a pressure that people cannot bear and said monthly adjustments in wages, salaries and agricultural supports are mandatory – instead of 6-month adjustments. – Cumurriyet
• US says the sale of F-16 jets to Turkey would be in line with NATO interests. This is the first positive sign towards a sale of the 40 jets and 80 modernisation kits requested by Turkey since October. US said the proposed sale will require a Congressional notification if the Department of State were to approve it – Daily Sabah
• Erdogan said the goal is to increase the purchasing power of Turkish people, which has declined due to exorbitant price increases and high inflation, “above the old one.” “We will both avoid crushing our citizens with inflation and continue our economic targets,” – Hurriyet
• Israeli FM says an improvement in ties with Turkey is a great opportunity to strengthen regional stability. This comes from Lapid’s recent visit to Greece where FM’s discussed relations and the situation in the East Med.
  • Turkey & Israel have been rebuilding ties in recent months as Erdogan looks to drive investment and sign swap deals to offset pressures on its balance of payments – Ahval

Data:

• 1230BST: April 1 Gross FX reserves, $65.6bn prior
• 1530BST: March Cash Budget Balance, 55.5bn prior