Turkey to decide on IMF soon: PM Erdogan

A three-year $10 billion deal between the IMF and Turkey ran out on May 10 and Turkey has given no indication of what it wants to do next.

Turkey to decide on IMF soon: PM Erdogan
Turkey will decide shortly what kind of follow-up deal it will adopt with the International Monetary Fund as technical studies are continuing, Prime Minister Tayyip Erdogan said on Wednesday.

A three-year $10 billion deal between the IMF and Turkey ran out on May 10 and Turkey has given no indication of what it wants to do next.

Turkey could choose either a precautionary stand-by deal with access to funding or a less stringent post-programme monitoring deal with no access to IMF loans.
"We will make our decision clear I think in a short period of time," Erdogan told a news conference.

The AK Party members, who declined to be named, said Erdogan, who is facing a political crisis with a court case aimed at shutting his party down, was keen to show his government's economic achievements since coming to power and another standby agreement would undermine this show of success.

Turkey has borrowed $45.8 billion from the IMF since a 2001 financial crisis and was the fund's last major borrower from a string of crises in emerging economies such as Brazil and Argentina.

Turkey has had 19 standby agreements with the IMF since 1961.

Reuters
Last Mod: 20 Haziran 2008, 11:56
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