5/12/2008

Turkey completes its second successful IMF deal

Hurriyet - Turkey has signed 19 stand-by deals with the fund so far, but it could only finalize the last two deals with success, economy bureaucrats said on Sunday. Economy bureaucrats said that what was peculiar about the last two stand-by arrangements was that they were not made due to economic crises in Turkey. Turkey completed the last two stand-by arrangements with the International Monetary Fund (IMF) successfully. The IMF will automatically take Turkey under post-program monitoring process after the current stand-by arrangements ended on May 9. In this process, an IMF delegation will visit Turkey for a few times within a year and prepare reports about Turkish economy, which will be regarded by international investors and financial institutions. The IMF Executive Board completed on Friday the seventh and final review under the three-year SDR 6.66 billion (about $10.8 billion) Stand-By Arrangement for Turkey, which was approved on May 11 in 2005. The completion of this review enables Turkey to draw immediately the remaining balance under the arrangement, equivalent to SDR 2.25 billion (about $3.65 billion).