The Turkey Wealth Fund (TVF) publishes financial statements on its website without an audit report or opinion, although full accounts carrying a qualified audit report are available through international securities markets, the International Monetary Fund (IMF) found in an assessment released Friday.
The fund’s website disclosures are limited, while full financial statements accompanied by a qualified audit report from PwC are available in markets where its securities are listed but are “not readily found domestically,” the assessment says.
A qualified opinion signals reservations about parts of the accounts, arising from misstatements or a lack of sufficient audit evidence.
Established in 2016, the TVF manages government shareholdings in companies such as state-owned Ziraat Bank and flag carrier Turkish Airlines (THY). Its board is chaired by President Recep Tayyip Erdoğan.
The IMF’s Fiscal Transparency Evaluation Update is based on information available when its evaluation was completed in November 2025.
The fund’s website currently links to a three-page consolidated financial statement for 2025. The document labels its figures “Audited” but contains no auditor’s report or opinion.
Public assets managed by the fund were equivalent to 29 percent of Turkey’s gross domestic product, but this portion of the public sector balance sheet was excluded from fiscal reports, the IMF found.
The assessment identified a lack of clarity about the nature of the fund’s assets and liabilities and its interactions with the government. It also found no public discussion of the risks or returns on the fund’s assets.
The fund’s founding law requires a three-year strategic investment plan setting out its approach to investment risk, liquidity and profitability for presidential approval. That plan is not made public, the assessment says.
The IMF recommended publishing full financial statements and audit reports domestically for both the wealth fund and the Housing Development Administration (TOKİ), the public housing agency whose subsidiaries receive earthquake reconstruction funds.
TOKİ’s financial statements and audit reports were also unpublished, despite the agency having received a qualified audit opinion from the Turkish Court of Accounts, the country’s top court that audits public spending.
The recommendations also call for expanding government finance statistics to cover the entire public sector, consolidating the wealth fund and public corporations into income statements and balance sheets.
The assessment nevertheless credits Turkey with improvements in fiscal reporting and budgeting over the past decade. Turkey meets good or advanced standards on nearly two-thirds of the IMF’s fiscal transparency principles, compared with about half in its 2015 evaluation.
Finance Minister Mehmet Şimşek pointed to those gains Saturday, attributing them to more than 20 years of institutional reform and adding that work on further transparency reforms was continuing.
The post IMF finds Turkey wealth fund omits audit from website disclosures appeared first on Turkish Minute.