LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Turkey's Erdogan tells ministers to stop using U.S. firm McKinsey

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Oct 06, 2018
10:45 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Turkish President Tayyip Erdogan said on Saturday he had ordered his ministers to stop receiving consulting services from U.S. firm McKinsey, after a government deal with it came under fire from the main opposition.

Last month, Finance Minister Berat Albayrak, who is also Erdogan`s son-in-law, said Turkey had decided to work with McKinsey to help implement a new medium-term economic programme.

Kemal Kilicdaroglu, leader of the main opposition Republican People`s Party (CHP), this week accused Erdogan of siding with U.S. firms at a time when relations with Washington have been hit by the detention of an American pastor in Turkey and other issues.

Albayrak had defended the agreement with McKinsey earlier this week, saying anyone who did not want Turkey to work with McKinsey was "either ignorant or a traitor".

On Saturday, Erdogan appeared to have scrapped the deal, however.

"This person (Kilicdaroglu) is trying to corner us by asking questions about a consultancy firm that has been paid in full to help our economic management," Erdogan told members of his ruling AK Party.

"In order to not give him that chance ... I told all my ministers to no longer receive consultancy from them (McKinsey)," he said.

McKinsey was not immediately available for comment.TURKISH FIRMS

Later on Saturday, Kilicdaroglu said Erdogan had been forced to cancel the deal after failing to disclose the details of the agreement that he had asked for earlier in the week.

"I asked you 10 questions, told you to answer them. He read them but couldn`t handle it. He can`t answer and now he has been forced to cancel the deal," Kilicdaroglu said.

Omer Celik, the spokesman for the ruling AK Party, told reporters at a party summit chaired by Erdogan that the president had told his party and ministers to receive consulting services from Turkish firms from now on.

He also said there had not been a signed deal between the government and McKinsey, but rather an agreement between the U.S. firm and some ministries.

Strained ties with the United States have exacerbated pressures on Turkey`s lira, which plunged more than 40 percent this year over concerns about relations with Washington, Erdogan`s influence on the central bank and the bank`s ability to rein-in double-digit inflation.

Erdogan has cast the devaluation in the lira as an "economic war" against Turkey by foreign powers, and has warned of action against those believed to be speculating on the economy or taking advantage of fluctuating exchange rates.

"Despite being subject to one of the biggest economic attacks in history, we managed to largely pick things up within two months," Erdogan said on Saturday.

Turkey was open to investment and support, as long as any deals did not impinge on its sovereignty, Erdogan added.

Erdogan recently paid an official visit to Germany as part of Turkey`s attempts to mend ties with Europe at a time when the row with Washington has led to reciprocal trade restrictions and sanctions.

Kilicdaroglu, however, said Erdogan and his ministers had been "begging for borrowed money" on international visits.

Erdogan responded that his government had been recruiting investors during his visits.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

Facebook removes 1,521 malicious accounts in Feb

US continues to see drop in new Covid cases

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

COVID-19: India records 18,711 new cases

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved