Despite Qatari support, Turkish economy is still fragile

Mouaz Mohammad

Ankara thanked Qatar for its role in supporting Turkey’s invasion of northeastern Syria, despite international condemnation and harsh criticism.

“During our meeting with the Emir of Qatar in Doha, we conveyed the greetings of Turkish President Recep Tayyip Erdogan,” Turkish Foreign Minister Mevlutoglu said on his Twitter account on Sunday.

According to the Anatolia news agency, the Emir of Qatar, Tamim bin Hamad, held a meeting with the Turkish Foreign Minister in Doha, on the sidelines of the latter’s visit, in preparation for the fifth meeting of the Higher Strategic Committee between the two countries.

Ihsanoglu met with his Qatari counterpart Mohammed Al Thani on Sunday, November 3, 2019, and discussed bilateral relations and regional issues of common concern.

Qatari position on Spring of Peace military operation

During the military operation Spring of Peace, carried out by Turkey in the north of Syria, starting from October 9, 2019, condemnations continued from all Arab and European countries, but Doha had a different opinion, and the Qatari Minister of Defense, Khalid bin Mohammed Al-Attiyah announced his country’s support for it in a telephone conversation with Turkish Defense Minister Hulusi Akar, Anatolia news agency reported.

Qatar supports Turkey’s economy

Ihsanoglu did not specify the type of Qatari support to his country in its operation in northern Syria, but it is known that Doha is making investments in Ankara from time to time, to save the Turkish economy.

On August 15, 2018, the Qatari and Turkish authorities announced that the Emir of Qatar decided to support the Turkish economy with $ 15 billion in the form of new investments, deposits and guarantees, during his visit to Ankara, in light of the recent economic crisis and the collapse of the lira against the US dollar.

A spokesman for the Turkish presidency, said in a statement at the time that Qatar will invest $15 billion in Ankara because the Turkish economy is based on solid foundations, adding that his country will emerge stronger from this stage, according to Anatolia.

Country support failed

Despite the Qatari support, reported by the Turkish foreign minister, Reuters reported on October 15, 2019, that the Turkish lira tumbled following the Turkish military incursion into Syria and became the worst performer among the world’s major currencies in October.

Three state banks in Turkey sold $ 1 billion a few days after Ankara invaded northern Syria to stem the dollar’s rise against the lira, Bloomberg said.

According to the Turkish Statistical Institute in its annual report, August 2019, Ankara’s economy continues to bleed, especially as its exports amounted to $12.52 billion, and imports jumped to $15.02 billion, up 1.5% compared to August 2018.

On September 23, 2019, the International Monetary Fund (IMF) announced that Turkey remains vulnerable to external and domestic risks, and it is difficult to achieve strong and sustainable growth if the government does not implement further reforms.

According to Reuters, in a report in September 2019, inflation and interest rates in Turkey, jumped after the lira lost 30% of its value last year, as domestic demand fell sharply, pushing the economy into recession.

Turkish President Recep Tayyip Erdogan, announced the implementation of the military operation Spring of Peace in northern Syria, October 9, 2019, to create the so-called safe zone to transfer Syrian refugees to it.

Washington and Ankara reached an agreement for a temporary ceasefire in northern Syria and a halt to the Turkish military operation for 120 hours, to ensure a safe withdrawal of Kurdish units.