Turkish president Recep Tayip Erdogan arrives at his office at the United Nations in New York on September 19, 2017. (AFP / LUDOVIC MARIN)
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Turkey plans to increase defence spending by $2.2 billion under a new draft law, the finance minister said Wednesday, as Ankara aims to modernise its military and increase its power.Under the proposed law, Turkey will allocate an additional 8 billion lira ($2.2 billion) of existing tax revenues towards the defence industry, Finance Minister Naci Agbal said at a presentation in Ankara, where the government announced an annual update to its medium-term economic programme.Economic growth is seen at 5.5 percent between 2018 and 2020 and inflation is expected to fall to 7 percent next year and to 5 percent by 2020, Simsek said.
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