DATA: Some data regarding the Central Government Budget, which entered into force on 1.1.2022, are as follows [MTL: Billion TL]: o Central Government Budget Expenditures: 1360 MTL

Current expenditures: 700 MTL

Investment expenditures: 200 MTL

Non-interest transfer expenditures:340 MTL

Operational deficit amount for 2022 is 455 MTL.

In 2022, the nominal interest rate was 8%. In 2022, the inflation rate was 3%

. The periodical deficit amount for 2022 is 90 MTL.

For 2022, the financial depth rate [indicator] is 150% and the financial dominance rate is 20%.

The Ministry of Treasury and Finance issued 50 MTL of government bonds at par value every month in Turkey in 2023 and made a 15 MTL domestic debt principal payment every month.

The Ministry of Treasury and Finance issued bonds of 50 MTL in London in May 2023 and 50 MTL in Tokyo in July 2023 and made a foreign debt principal payment of 20 MTL in September 2023 and 20 MTL in October 2023.

In 2022 and 2023, the amount of Autonomous tax revenue remained constant at 200 MTL.

Export revenues for 2023 are 100 MTL.

There are 11 banks that signed a Primary Dealership Agreement with the Ministry of Treasury and Finance for 2023.

Turkey's potential national income is 5,000 MTL.

All income elements are taxed. There is a single rate tax and the tax rate is 15%. EVENTS The 2023 Central Government Budget bill was submitted to the Grand National Assembly by the President on 17 October 2022. This proposal is in the form of applying the 2022 budget by increasing it by 20% with all expenditure and income items. The prepared Central Government Budget law proposal could not be enacted, and thereupon, a Temporary Budget Law proposal was prepared based on 10% of the previous year's budget. The provisional budget could not be enacted in time in the Grand National Assembly of Turkey. ASSUMPTIONS

The budget sizes of 2022 and 2023, which entered into force, were realized without any deviation. Due to the budget that came into force, there was no deviation in the macroeconomic data and all the variables were realized as expected. The Public Sector consists only of the Central Government.

Central Government Budget revenues consist only of tax revenues. All of Turkey's domestic and foreign debts are realized in TL and their nominal interest rates and maturities are equal.

The Ministry of Treasury and Finance did not issue Special Issue Government Bonds and Gradual Bonds in 2023.

GNP, GDP and National Income are equal.

All of Trkiye's exports and imports are carried out in TL.

Turkey's potential national income is fixed.

All of Trkiye's external debt stock belongs to the public sector. The private sector does not have any external debt.

Ministry of Treasury and Finance [Revenue Administration] announced the Revaluation Rate as 15% with the Tax Procedure Law General Communiqu No. 786 on 20 December 2022.

The Ministry of Treasury and Finance did not apply for any extraordinary domestic debt management transactions in 2023.

According to the data announced as of the end of 2022; M1 money supply size: 600 MTL and Turkish Lira time deposit amount: 2.800 MTL.

12% of the total interest payments foreseen in the budget that entered into force in 2023 consists of foreign debt interest payments.

In 2023, since two banks operating in Turkey that were not market makers could not fulfill their obligations, they were transferred to the Savings Deposit Insurance Fund [TMSF].

According to the statement made by the banks to the Public Disclosure Platform regarding the asset size as of 30.06.2022; The asset sizes of the banks are as follows: o Ziraat Bank: 1.5 Trillion TL o bank: 1.4 Trillion TL o Halkbank: 1.1 Trillion TL o Akbank900 Billion TL o Vakfbank: 838 Billion TL o Garanti Bank: 820 Billion TL o Yap ve Kredi Bankas: 765 Billion TL o QNB Finansbank: 600 Billion TL o Denizbank: 400 Billion TL o Turkish Economy Bank: 395 Billion TL o HSBC: 280 Billion TL

In 2022 and 2023, inflation, nominal interest rate and tax rate did not differ. NOTE: When answering the questions, please include the reasons in your answer. Each question is 20 points. Answer your questions in order and prepare your homework for a maximum of 2 pages.

QUESTIONS

1. For the sustainability of the debt, how many Billion TL should the GNP be at the end of 2023?

2. What is the amount of bonds that Ziraat Bank and Denizbank are required to purchase in the January-March period of 2023?

3. In terms of multi-indebtedness indicators, indicate the level of indebtedness of Turkey as of the end of 2023, together with the reasons for each indicator.

4. Is the Borrowing Limit exceeded / not exceeded with the borrowings made in 2023? From where?

5. In order for the primary budget to be in balance in 2023, what MTL should be the amount of public expenditures, other data remaining the same?