ECONOMY

Turkey’s energy bill over $30 bln

ANKARA (Reuters) – Oil importer Turkey’s energy bill will rise to more than $30 billion this year from $28.9 billion in 2006, swelling the closely monitored current account deficit, Turkish Finance Minister Kemal Unakitan said yesterday. He also said the government aimed to present to parliament in the new year an income tax reform bill, an International Monetary Fund-backed measure which aims to broaden revenues and shrink a large unregistered economy. Unakitan, speaking as he presented the 2008 budget to a parliamentary commission, said the current account deficit was a risk and the government would take the necessary measures to deal with it, without giving details. Proportionally the deficit is one of the largest in emerging markets and is closely watched by investors as a source of vulnerability, particularly when global risk appetite dries up.