Business · Companies · 15 hrs ago
IMF says Turkey Wealth Fund disclosures omit audit reports
The IMF found that Turkey’s wealth fund posts financial statements without audit reports or opinions on its website.
The fund manages government stakes in companies including Ziraat Bank and Turkish Airlines, and its board is chaired by President Recep Tayyip Erdoğan.
Its assets equal 29 percent of Turkey’s GDP, but they are left out of fiscal reports, the IMF said.
Full accounts with a qualified audit opinion are available through international securities markets, but are not readily found in Turkey.
The IMF also said the fund’s investment plan is not public and that risks and returns on its assets are not publicly discussed.
The IMF recommended publishing full accounts and audit reports for the wealth fund and public housing agency TOKİ, and expanding fiscal statistics to cover the whole public sector.
Turkey has improved its fiscal reporting, and Finance Minister Mehmet Şimşek said further transparency reforms are continuing.
The IMF found that Turkey’s Wealth Fund publishes financial statements on its website without an audit report or opinion.
Full accounts with a qualified audit report from PwC are available through international securities markets but are not readily found domestically.
The fund’s public assets equal 29 percent of Turkey’s gross domestic product, but the IMF found they were excluded from fiscal reports.
The IMF recommended publishing full financial statements and audit reports for the fund and the public housing agency TOKİ.
The assessment also said Turkey had improved its fiscal reporting and budgeting over the past decade.
- Who
- The International Monetary Fund assessed disclosures by the Turkey Wealth Fund and TOKİ.
- What
- The IMF found that the fund’s website omits an audit report or opinion alongside its financial statements.
- When
- The assessment was released Friday. It was based on information available when the evaluation was completed in November 2025.
- Where
- Turkey. The fund’s full accounts are available through international securities markets but are not readily found domestically.
- Why
- The sources do not state why the website disclosures omit the audit report.
This story does not have two clearly opposing sides.
The IMF’s evaluation was completed using information available at that time.
The IMF released its assessment of Turkey’s fiscal transparency.
Finance Minister Mehmet Şimşek cited Turkey’s transparency gains and said work on further reforms was continuing.
- Fund established
- 2016
- Fund assets
- Equivalent to 29 percent of Turkey’s gross domestic product
- Auditor on international-market accounts
- PwC
- Fund board chair
- President Recep Tayyip Erdoğan
- Fiscal transparency principles
- Turkey meets good or advanced standards on nearly two-thirds, compared with about half in 2015
What people are saying
not readily found domestically