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Published On: Fri, Aug 17th, 2018

Turkey can overcome ‘temporary’ economic crisis

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Araweelo News Nework



China says Turkey will overcome its “temporary” economic crisis, arguing that a “stable” Turkey plays a major role in maintaining “regional peace and stability.”

The Turkish lira has lost about 30 percent of its value against the US dollar since the beginning of August. The currency crash occurred in the wake of tensions with the United States. The detention of Andrew Brunson, an American pastor, in Turkey has cast doubts over the future of Ankara’s partnership with Washington.

China’s Foreign Ministry said in a brief statement on Friday that it had noted the “new direction” of the Turkish economy and its foreign relations.

“Turkey is an important emerging market country, and it remaining stable and developing benefits regional peace and stability,” the Chinese Foreign Ministry said.

“China believes that Turkey has the ability to overcome the temporary economic difficulties, and hopes the relevant sides can ease their differences via dialogue.”

Washington has threatened to impose more sanctions on Turkey, making it clear that no immediate end was in sight to the showdown between the two NATO allies.



The Chinese Foreign Ministry also referred to media reports that state-run Industrial and Commercial Bank of China Ltd (ICBC) had inked a $3.8-billion financing deal with Turkey. In July, China’s Xinhua state news agency reported that the Turkish unit of ICBC had signed the deal at a forum in Ankara, without giving further details.

Beijing says China has always backed business and finance cooperation between the nations and the signing of accords in accordance with market rules.

On Thursday, Turkey’s Finance Minister Berat Albayrak reassured thousands of foreign investors that Ankara would manage to contain the currency crisis, vowing that his country would only emerge “stronger” from the current market volatility.


About the Author

- Arraale Mohamoud Jama Freelance Journalist and Human Rights Activist Arraale, is a 20 year experience as a professional Journalist and human rights activist Over the years, worked for the major News Papers in Somaliland as a reporter, editor and contributor. 2008 established website Araweelo News Network, he currently runs a web site based in Somaliland. who is the specializes in the investigation and reporting on issues relating to human rights, democracy, and good governance. contact: Send an SMS or MMS to + 252 63 442 5380 WhatsApp + 252 65 910 7347.

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Araweelo is an Associated Network News, The most trusted source for news & Political,investigator report,Human Rights Issues,Educations,Social and Democracy ,Latest News Horn of Africa. runs Arraale Mohamoud Jama Freelance Journalist and Human Rights Activist based in Somaliland.

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