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In the 18th government of Turkey (16 January 1949 – 22 May 1950) he served as the Minister of Finance.
After Prime Minister Hasan Saka's resignation, Günaltay was appointed by President İsmet İnönü to form his cabinet on January 16, 1949 that lasted until Adnan Menderes's Democratic Party took over the government on May 22, 1950 following the general elections.