October 19, 2007	Friday	Shawwal 6, 1428

ANKARA, Oct 18: The Turkish government cut its primary budget surplus target for 2008 by one percentage point, Finance Minister Kemal Unakitan said on Thursday, in a sign of relaxing monetary policy following a strong economic recovery.

The draft budget for next year, submitted to parliament overnight, sets the target of primary budget surplus -- surplus excluding debt repayments -- at 5.5 per cent of the GNP, compared to 6.5 per cent over the past five years.

The revised figure does not mean that Turkey is loosening

fiscal discipline, but that strong economic performance allows for the cut, Unakitan told a press conference.

Turkey has recorded strong growth, sped up privatisation and attracted record foreign investment since 2002, significantly improving its debt ratios.—AFP