Five packages in five years

Today marks the fifth anniversary of the historic April 5 Measures, announced in 1994 crisis. In the past five years, the economy looked for stability with four different programmes

April 5 Measures

Ms. Tansu Ciller, the coalition leader of the True Path - Social Democrat Nationalist Party announced with her seniors a historic package which would not be easy to forget. April 5 decisions was the 8th economic package of Turkey in the past 40 years. Following the announcement of the package, Turkey started to knock on the IMF's door for a long - sought stand - by agreement.
The April 5 package was launched as a shock programme with 100% increases in prices state economic enterprise products, a law wage - hike of 220,000 liras for civil servants; savings measures and factory closures including Kardemir.
Economy shrunk 6.1% by the end of 1994 while inflation rates climbed to 150%. Workers' income levels fell 30% and production dropped by 14.7%.
Targets such as privatisation, public sector reform, social security and agricultural reforms and Central Bank autonomy couldn't be hit.