Turkey's budget deficit expanded in March

Ankara, April 18 (IANS) Turkey's central government budget recorded a deficit of 47.22 billion liras ($2.43 billion) in March, the Ministry of Treasury and Finance announced.

The figure has increased Turkey's total deficit for the first quarter of this year to 250 billion liras, according to the Ministry.

The country's budget deficit rose sharply in February after it was hit by the massive earthquakes that claimed more than 50,000 lives and destroyed thousands of buildings in both Turkey and Syria, reports Xinhua news agency.

The central government's budget deficit hit 170.56 billion liras in February, compared to about 32.24 billion liras in January.

The Turkish Enterprise and Business Confederation estimates that the quakes could cost the country up to $84.1 billion.

Financial services company JPMorgan Chase & Co. put the direct costs of the earthquakes at $25 billion.

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