IMF to carry out second review of Turkish economy
A team of International Monetary Fund (IMF) representatives will head to Turkey in the middle of the month to organize the second review of the Republic’s performance under its three-year stand-by credit arrangement, reported Turkiye . A positive review will allow the government of Turkey to withdraw $1.1 billion from the IMF facility.
According to IMF official Odd Brekk the team will rate the government’s success in reaching budgetary and monetary targets since the credit line’s approval in February. Providing that discussions are completed as planned, the IMF’s Executive Board could conclude its second review by mid-June. The Board allowed the government of Turkey to withdraw one billion dollars from its stand-by credit account early this month following its first review of the Republic’s performance.
The IMF’s stand-by credit to Turkey totals $16 billion, $10 billion of which has already been withdrawn. This is the third major aid program approved for Ankara in under two years. The credit was awarded in a bid to support Turkey's new three-year economic reform program, for 2001-2004. — (menareport.com)
© 2002 Mena Report (www.menareport.com)