Cyprus Mail

Turkish Cypriots sign overdue financial protocol with Turkey

The signing of the deal was announced by Turkish Prime Minister Binali Yildirim (L) during his visit to the north on Wednesday

The new financial protocol, which gives the green light for the cash flow from Turkey to the breakaway regime in the north, was signed and is to be approved by the ‘cabinet’, it was reported on Thursday.

The delay in signing the protocol with Turkey for the next three years had led to a halt in financial aid to the north as of January, causing difficulty in the payment of salaries of public sector employees. It was also among the reasons that the former ‘coalition‘  between the National Unity Party (UBP) and the Republican Turkish Party (CTP) collapsed in March.

The reasons behind the delay were disagreements between the two coalition parties as to its terms. The CTP members were reluctant in signing as they felt that some of its provisions were an attempt by Turkey to further control the north, as it reportedly proposed among other things, interference with the judiciary.

According to media reports in the north, the 2016-2018 financial protocol, after intense negotiations is already in force.  The signing of the protocol was announced by the Turkish prime minister Binali Yildirim on Wednesday, reports said, during his first official visit in the breakaway regime, following his appointment in May.

Halkin Sesi quoted Yildirim as saying that as part of the protocol, the transfer of electricity from Turkey to the north was expected.

The finance ‘minister’ of the breakaway regime Serdar Denktash, confirmed the signing of the financial protocol, Yeni Duzen reported, and said that it is expected to be voted by the ‘cabinet’.

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