Turkish authorities want to write off a debt of more than $1 billion, Reuters reports, a parliamentary commission has begun discussing a bill to write off nearly 30 billion lira ($1.61 billion) of debt.

According to a draft prepared by President Tayyip Erdogan's Justice and Development Party, the government is scrapping nearly 27 billion liras in debt used for student housing, as well as 2.7 billion liras in fines imposed during the COVID-19 pandemic.

According to a report prepared by the PCR for the commission, Ankara will also lose about 2.2 billion lira in revenue as a result of tax cuts for some employers to help pay for electricity and natural gas.

The government scheme, which protects deposits in lira from currency depreciation, has led to a tax-related cost of 18.8 billion lira since its launch in December.