1/12/2009

Turkey, IMF begin talks for possible stand-by deal

Today’s Zaman - Turkish officials and the International Monetary Fund (IMF) began discussions on Thursday for a possible loan to limit fallout from the global economic crisis on the country's economy. The talks began with a meeting between the IMF team, led by IMF Turkey Desk Chief Rachel van Elkan, and Minister of Economy Mehmet Simsek. Discussions are expected to last more than a week. The minister and the IMF delegates have evaluated the overall framework of the economic program that will be in place if a deal is signed. The IMF is advising the Turkish government to adopt a more austere fiscal policy by increasing tax rates and slashing expenditures to increase savings.