THE LEGAL FRAMEWORK

The principles, procedures, authorised agencies and other issues regarding privatization are all set out in the Privatization Law No. 4046, dated 1994.

The Privatization Law in essence, regulates the principles of privatization namely; to improve productivity in the economy and to reduce public expenditures. This Law,

expands the scope of assets to be privatized,

provides adequate framework, funds and appropriate
mechanisms to speed up the privatization and restructuring processes,

establishes a social safety net for workers who lose their jobs
as a result of privatization,

establishes the Privatization High Council and the Privatization
Administration to facilitate the decision making process in the
privatization endeavour.

The ‘Law Regarding Making Amendments in Some Laws and in the Decrees With The Force of Law Dealing With Establishment and Duties of the General Directorate Turkish National Lottery’ numbered 4971, prepared in order to speed up privatization, has been put into effect by being published on the 15th of August 2003. In the framework of the aforementioned Law, stipulations have been placed in order to accelerate privatization applications through the arrangements that have been made to the Law No. 4046. These include arrangements that have been made to privatize the Turkish National Lottery by way of handing out licenses for the planning, organizing and arranging of the draws of the games and those enabling the utilization of convertible bonds in the privatization of Türk Telekom.