 Turkish Finance Minister Mehmet Simsek on Thursday participated in a session of the IMF-World Bank Spring Meetings in Washington on "Political Economy of Subvention Reform: Lessons for the Middle East and North Africa."
Speaking at the meeting, Simsek said recent groundbreaking changes in the politics of the region heightened expectations for structural reforms as well as for better investment environment.
Simsek said general subventions in the Middle Eastern countries had failed to serve their purpose, adding "both the rich and poor used them equally."
"In Turkey, we are implementing a different system. Instead of subventions we are extending support to the poor in our country, in education, health and other social areas," Simsek said.
Simsek said the system in Turkey could be a model for the the Middle Eastern countries.
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