8/8/2008

IMF: “The Fund can play an effective role for Turkey”

World News - The International Monetary Fund (IMF) released a statement on its assessment of the Turkey’s three stand-by agreements with the fund between 1999 and 2008. “IMF executive directors agreed that the Fund can continue to play an effective role in supporting Turkey’s efforts to entrench economic stability and tackle its remaining vulnerabilities” the statement said. The statement stresses that by the conclusion of the last stand-by arrangement in May 2008, Turkey’s economy had been transformed with significant drop in inflation, sharp decline in public debt ratios, an overhauled banking system, and a prolonged economic expansion. "This review of experience has shown that Turkey still faces challenges by reason for global crisis to entrench macroeconomic stability, and that disciplined macroeconomic policies will be needed to continue reducing public debt ratios and restart disinflation" the statement said.