Turkey says no reason to not open new IMF program

Turkey's State Minister said that IMF insists on its old demands on corporate structure and legal requirements from Turkey.

Turkey says no reason to not open new IMF program
Turkey's State Minister, Mehmet Simsek, said Thursday that IMF insists on its old demands on corporate structure and legal requirements from Turkey.

He said there was no reason why they should not launch a new programme with the IMF together with some additional budgetary measures once they reached agreement over these demands.

"Because we are trying to transform this into a programme supportive of Turkish economy, it is taking quite some time. In other words we don't want to take steps and make commitments that would do more harm than good," said Simsek.

Simsek said they needed to protect financial and economic stability and support the real sector as much as Turkey's budget allowed. He said they should avoid taking measures that would make the situation worse.

Simsek in charge of the Treasury, said that the global financial crisis started to seriously affect developing countries after September 2008, adding that global financial crisis did not discriminate between developed and developing countries.

Delivering a speech at the "Turkey, The Land of Opportunities ? A Safe Haven For Investments" conference in Istanbul, Simsek said he acknowledged that the global financial crisis had some negative effects on Turkey's economy noting that he believed Turkey would eventually emerge stronger from the crisis.

Simsek who pointed out that the crisis also created opportunities, said Turkey with its large market, demographic structure and its EU membership perspective was an important country for investors.

Commenting on the talks with IMF, Simsek
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Last Mod: 12 Şubat 2009, 17:22
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