Turkey pays off last installment of its IMF debt

Turkish Minister of Development Yilmaz said today was a historic day in an economic aspect.

Turkey pays off last installment of its IMF debt

World Bulletin/News Desk

Turkish Minister of Development Cevdet Yilmaz said that today was a historic day in economic aspect.

Today, Turkey has paid off the last installment of its debt to International Monetary Fund (IMF) today, said Yilmaz during the 29th meeting of the Standing Committee for Economic & Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) on Tuesday.

Yilmaz noted that Turkey was set to change roles with the IMF after cutting its debt to the fund to zero.

He also said that Turkey was no longer a debtor of IMF, moreover, it would loan $5 billion to IMF.

"The world economy is getting recovered after the global financial crisis. However, the low growth rate in the developed countries, the ongoing financial risks in the European region and the disasters that took place in different parts of the world cause a persistent global uncertainty," Yilmaz said.

Yilmaz said the foreign capital investments in the COMCEC region were unsatisfactory.

"It is essential to put into some incentive drastic reforms for increasing the foreign capital investments in our region. When we create a favorable environment for foreign investment environment, it will be favorable for our investor too. Improving the investment environment in our country will create a suitable environment both for the domestic and the foreign investors," Yilmaz added. 

Last Mod: 14 Mayıs 2013, 14:58
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