Veteran economist Lutfi Elvan is Turkey's new finance minister

Turkey's new Treasury and Finance Minister Lutfi Elvan has been sworn in, a day after Turkish President Recep Tayyip Erdogan accepted the resignation of Berat Albayrak. 

Albayrak stepped down from the post citing health reasons. 

Regarding Turkey's economic policy, Elvan said on Tuesday the country will apply transparent, responsible policies in line with international norms to increase growth, employment.

"Coming period will be a period of recovery in which the effects of the global epidemic diminish and new opportunities emerge," he said.

"Turkey will maintain macroeconomic stability and provide new stimulus for growth and employment."

Speaking to reporters in the parliament ahead of the swearing-in ceremony, Elvan said that there would be no handover ceremony due to Albayrak’s health issues.

"I talked to Mr Albayrak. I thanked him for his services. He also wished success for us," he said. 

Seasoned economist

Elvan, 58, was the chairperson of Parliament's Budget and Planning Commission and has previously held posts of minister of development, and minister of transportation, maritime affairs, and communication.

He has been a member of Turkey's Grand Assembly since 2007 and served as deputy prime minister between 2015 and 2016.

Elvan holds a master's degree in mining operations and research from UK's Leeds University and a second master's degree in economics from Delaware University in the US.

The new finance minister has also held positions at organisations like the Organization for Economic Co-operation and Development (OECD) and the European Union (EU).

Turkey's Communications Director Fahrettin Altun expressed gratitude for Albayrak's services and wished success to Elvan. 

"I express my sincere gratitude to Dr Berat Albayrak for his valued services during his tenure in both energy and economy sectors, and wish success to Mr Lutfi Elvan in his new position, who was appointed as the minister of treasury and finance," Altun said.