4/6/2009

Minister Simsek: G-20 meeting boosts Turkey, IMF deal near

Today’s Zaman - Turkey has emerged in a much better and stronger position from the last G-20 meeting held in London last week and gained an important footing in the decision-making process of international financial regulatory bodies, including the International Monetary Fund (IMF) and the World Bank, the top economy official said. Speaking to a group of reporters in Ankara on Saturday, Mehmet Simsek, the Turkish Minister of Economy, said Turkey assumed a larger role in the Financial Stability Board, a global financial institution, following the revamped and expanded Financial Stability Forum, created after the 1997-98 Asian currency crisis to provide a way for countries to discuss financial regulatory issues. "If Turkey and other emerging countries had a say in this forum before, we could have halted the deepening of the crisis," he noted. Simsek also revealed that the Turkish Prime Minister Recep Tayyip Erdogan, who represented the country at the summit, lobbied intensely for Turkey's participation in G-8 meetings that include major economic powers. The G-8 has in the past invited non-members as observers. Turkey also sought to host the next G-20 meeting in Istanbul; however the timing coincided with the annual UN Assembly in New York. "Leaders thought it would be easier to convene the summit on the sidelines of the UN meeting, for which they had already committed," Simsek said.
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