Gürcafer: We are determined. We will prepare both the Interest and the Dept Restructuring laws

Cafer Gürcafer, the President of the Cyprus Turkish Building Contractors Association (CTBCA), evaluated the effects of the pandemic on the economy as a guest of the “Independent News with Pınar Barut” programme published in Özgür Gazete, and made statements regarding the content of the joint declaration released yesterday by 15 organizations.

Stating that the pandemic caused a serious economic loss all over the world, CTBCA President Gürcafer said that with the discovery of the vaccine, many countries began their work to revive their economies.

Noting that developed countries have established a model where health and economy will run in parallel, Cafer Gürcafer stated that the TRNC should also take its share from the emerging economic pie.

CTBCA President Cafer Gürcafer said, “There are billions of people who have suffered serious trauma caused by the pandemic. Needless to say, after this trauma, tourism will have increased activity. Everyone’s goal; It is to take a share from the emerging economic pie at this point. In our country, we have not seen any plans, programs or activity in this regard,” he said.

Drawing attention to the significance of the steps to be taken by the state in this regard, Gürcafer noted that the ‘free market economy mends itself’ approach would mean the bankruptcy of all businesses and stated that such an approach is absolutely unacceptable.

Cafer Gürcafer said, “This is like being at a state of war. In many countries, while the state is scrambling together with their society in order to not lose this war, there has not been any activity or a program that will bring the economy back to life in the TRNC, and it does appear as though it will be done. Once we began to observe the signals for this, as NGOs, we issued a joint statement with a warning.”

“We will do the work on the interest and the dept restructuring laws”

CTBCA President Cafer Gürcafer asserted, primarily the state but also all the institutions and organizations under it were damaged by the pandemic and the banking sector will suffer its share from it as well.

Gürcafer stated that in order to enable hundreds of businesses which motor the country’s economy to survive this war, there is a need for an Interest Law and a Dept Restructuring Law in order to restructure their debts to the state and to the banks.

Arguing that, “There is a need for legal regulation that will save these businesses, spread their debts over payable terms and provide affordable interest rates,” Gürcafer said, “We are absolutely determined. We will prepare the laws on interest and dept restructuring and share it with both the government and the opposition, but we will not display a selfish approach in doing so. We will do the relevant studies on law with a view to not harm the banking sector, and use the correct examples from around the world.”

“Our reaction will be harsh if we are ignored”

President Cafer Gürcafer declared that they will not hesitate to show the harshest reaction if their demands are not met.

Gürcafer said, “At the end of the day, we do not want to get to a point where ‘life has returned to normal, everybody fends for themselves’. Yes. We cannot get anywhere by just criticizing and squabbling. One has to be constructive too. But we will not remain constructive if ignoring us is attempted. These organizations will multiply and take to the streets.”