11/26/2008

‘Turkey-IMF deal will be a stand-by agreement’

Reuters - A deal between Ankara and the International Monetary Fund will be in the form of a stand-by agreement, but the amount of the deal has not been determined, Vatan newspaper reported on Tuesday, citing a government source. Ankara's IMF deal, which would put growth at between 3% and 4% will require a limited government guarantee on savings deposits, the report said, something the government has already promised. Turkey is still talking with the IMF on a new loan accord and no agreement has been reached on the volume of the credit, government sources told Reuters on Monday. Turkish newspaper Zaman reported on Monday that the government had accepted an offer from the IMF for a $19 billion credit line to help deal with the effects of the global financial crisis.