Turkey won't sign IMF deal if no benefits, says Erdogan

Turkish PM Erdogan said that his government would not sign a deal with the IMF if Turkey would not gain any benefits.

Turkey won't sign IMF deal if no benefits, says Erdogan

Turkish Prime Minister Recep Tayyip Erdogan said Monday that his government would not sign a deal with the International Monetary Fund (IMF) if Turkey would not gain any benefits.

"This (stand-by arrangement with the IMF) is an agreement based on mutual benefits," Erdogan told an award ceremony in Istanbul.

"If it (the IMF) does not agree, then we owe 8 billion USD to it, that's all... We can proceed on our way by our own resources," he said.

Talks on a new load deal between Turkey and IMF were suspended on January 26. Turkey and IMF were holding talks since January 8 after Turkey's previous agreement, a three-year 10-billion-dollar loan, expired in May 2008.

Erdogan said Turkey's debt to IMF was around 23.5 billion USD in 2002 when his ruling Justice & Development (AK) Party came to power.

"Now, this figure has dropped to 8 billion USD," Erdogan said.

"We cut a deal, if it (IMF) comes to an agreement," he added.

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Last Mod: 10 Şubat 2009, 08:52
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