5/6/2009

Turkey focuses on size and term of loan in IMF bargain

Today’s Zaman - Turkey’s talks with the International Monetary Fund (IMF) on a possible stand-by deal escalated, reaching a level where the sides are now concentrating on the amount of money to be taken from the fund and the term of payment. The officials from the finance ministry last week submitted Turkey’s final offer for a possible stand-by deal to the IMF in a meeting in Washington, where they also shared the macroeconomic structure and projections of the medium-term budget as well as structural reforms that a Pre-Accession Economic Program (KEP) covers. Officials said that the sides are currently concentrating on some crucial issues. The amount of money Turkey expects to pull from the IMF is around USD 20 - 30 billion and the sides expect to decide on the term for payment shortly.