Mayor İmamoğlu: “We Have Reduced Debt and Increased Investment Revenues in Istanbul” – Ekrem İmamoğlu

Mayor İmamoğlu: “We Have Reduced Debt and Increased Investment Revenues in Istanbul”

Istanbul Mayor Ekrem İmamoğlu submitted 2020’s consolidated budget of 25,9 billion TL to the City Council of the Istanbul Metropolitan Municipality (IMM) and gave information about the investments in the meeting, chaired by the mayor himself.

Mayor İmamoğlu announced that they had taken over a budget deficit of 14 billion TL with overdue and future debts, and reduced the deficit to 4.7 billion TL in 6 months and saved 3.2 billion TL so far.

İmamoğlu said, “We make all the scheduled payments, and pay salaries to our staff on time. In addition, we have launched many new support packages, such as social benefits, nurseries, People’s Milk, and financial aid to 30,000 university students in need.”

The third session of the December meetings of the Istanbul City Council gathered today at the Municipal Building in Saraçhane. The session was chaired by Mayor İmamoğlu. The council discussed the annual performance program, investments, and service program of the IMM.

The Mayor presented ‘The 2020 Budget of the IMM’, ‘2020 Investment and Service Program’, ‘2020 Performance Program’ and ‘2020-2024 Strategic Plan’ to the City Council and made evaluations regarding the future vision of the IMM.

Mayor İmamoğlu addressed the IMM City Council, saying that the municipality had an overdue debt of 6 billion TL and a projected budget deficit of 7.9 billion TL for 2019 at the start of his term. “An overdue debt of 6 million TL plus a need for 8 billion more TL until the end of the year. So, we have taken over a budget deficit of 14 billion TL,” Mayor İmamoğlu said, adding that the new management has succeeded in bringing down the projected budget deficit of 7.9 billion TL for this year to 4.7 billion TL. The Mayor also stated that this was achieved through cutting down on lavish expenditures and undertaking investments at prices well below those which were previously planned.

“So we ended the waste of municipal funds and we will do more. Do not forget: we have not planned any of the works undertaken this year. The management before us had planned them. We have only managed what they planned and the works that were already initiated in line with their priorities. In summary, we have cut down the 7.9 billion TL budget deficit to 4.7 billion TL. Only in six months [since taking the office], we have achieved a saving of 3.2 billion TL from the budget which was planned by the management before us,” he said.

“However, our real performance will become visible in the coming period. The 16 million residents of Istanbul will witness how a budget is planned and executed by a fair and righteous management. We will see that altogether in 2020,” he added.

The IMM’s 2020 budget was approved by the City Council by a unanimous vote. According to the budget plan, the city will collect an estimated 21.3 billion TL in revenue, marking an increase of 12 percent compared to the previous year, but expenses will total 25.9 billion TL, İmamoğlu said. “In addition to the 4.6 billion TL in budget deficit, we will have loan repayments of 3.6 billion TL. When we take into account the investment credit in the amount of 3.5 billion TL, this means a net financial need of 4.7 billion TL,” the Mayor added.

The 2020 Consolidated Budget submitted to the General Assembly of the Istanbul Metropolitan Municipality was accepted with 142 affirmative votes and 76 nay votes.