Published: Thu, July 12, 2018
Economy | By

Turkey's Erdogan to take oath, announce Cabinet | Turkey

Turkey's Erdogan to take oath, announce Cabinet | Turkey

Recep Tayyip Erdogan, the president of Turkey, was just sworn into office for another five-year term. The government says these measures are necessary given the security situation.

No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests published by state news agency Anadolu. Reuters adds: After taking the oath of office in parliament, he addressed worldwide leaders gathered at the presidential palace in Ankara.

Describing the monumental change as a "new beginning", he vowed at a later ceremony at his vast Ankara presidential palace to be the president of all 81 million Turks. The inauguration ceremony, which was held in the Presidential Compound Monday evening, was attended by a number of heads of states and governments, representatives of heads of states, ministers, heads of parliaments of some countries and representatives of worldwide organisations.

More than 150,000 state employees have lost their jobs in the crackdown that followed the coup attempt, and the interior minister said in April some 77,000 people have been formally charged and kept in jail during their trials.

For 95 years, Turkey was a parliamentary republic, its Grand National Assembly the heart of power.

The introduction of the new presidential system marks the biggest overhaul of governance since the Turkish republic was established on the ruins of the Ottoman Empire almost a century ago. The number of ministries under the presidential system has been reduced from 26 to 16 and those dealing with economic matters halved to three.

Only the first defense ministers of Turkey (after the establishment of the Republic of Turkey) were servicemen, and starting from 1950, mainly diplomats and lawyers were appointed to this post. In particular, the departure of former Merrill Lynch banker Mehmet Simsek, who served as deputy prime minister, has raised concerns about the lack of influencers who can monitor Erdogan's policies.

Erdogan, as AK Party chair, won a great victory in the July 2007 general elections, and established Turkey's 60th government by winning 46.6 percent of the vote as well as a vote of confidence.

Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday.

Erdogan said on Saturday that he would tackle "the structural economic problems" of high interest rates and inflation and a wide current account deficit.

This year, in the elections held on June 24, Erdogan won an absolute majority in the presidential polls with 52.5 percent of the vote.

The decree, published in the Official Gazette, changes the wording in some 5,000 laws, removing references to the prime minister - whose office has been abolished - and transferring some powers to the president.

Erdogan will face immediate and major challenges in his second term, posed by an imbalanced if fast-growing economy and foreign policy tensions between the West and Turkey, a North Atlantic Treaty Organisation member.

A powerful campaigner, he is Turkey's most successful and divisive leader in recent history.

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