Minister of Treasury and Finance Mehmet Şimşek stated that they will continue to reduce the need for external financing and improve the quality of financing. Evaluating the January balance of payments data in a post on his social media account, Minister Mehmet Şimşek stated that the annual current account deficit was $11.5 billion in January. He stated, “We expect the current account deficit, which we foresee increasing in the upcoming period, to remain below 2% of national income, in line with the 28.6 billion dollar estimate in the Medium-Term Program (OVP) for the year.” Highlighting that the gross external financing need as a ratio to national income has improved by 5.4 points in the last 2 years due to the decrease in the current account, dropping below the long-term average of 18.6%, he noted, “Thus, by significantly eliminating vulnerabilities related to external balance, we have made our economy more resilient and stronger. We will continue to reduce the need for external financing and improve the quality of financing with sustainable current balance and long-term sources.”