Turkey to start clean slate with IMF, loan $5 bln

The country is set not only to zero out its debt to the IMF but also to loan the fund $5 billion.

Turkey to start clean slate with IMF, loan $5 bln

World Bulletin/News Desk

Turkey's 52-year-old affair with the International Monetary Fund (IMF) will take a dramatic turn as the country prepares to cut its debt to the IMF to zero on May 14.

The country is also set to loan the fund $5 billion.

The process of the IMF stand-by deal was started with the signing of the first deal on January 1, 1961.

Turkey has made 19 stand-by deals with the IMF and borrowed nearly $50 billion in 47 years.

However, only the last two stand-by deals were completed successfully owing to the contribution of the country's political and economic stability.

Turkey has gradually reduced its debt from $23.5 billion in 2002 when the ruling Justice and Development (AK) Party came to power.

Since the beginning of relations with the IMF, 38 governments ruled the country. 

Last Mod: 10 Mayıs 2013, 11:14
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