Krueger: Swift formulation of strong economic policies to bring Turkey vast economic growth
First Deputy Managing Director of the International Monetary Fund (IMF), Anne Kruger recently met with government representatives in Ankara, Turkey. Discussions focused on the status of Turkey's IMF-supported economic program and the actions the government needs to take to ensure a positive momentum in economic recovery and financial stabilization.
"The government has reaffirmed its commitment to disinflation, debt reduction, and rapid sustained growth. To this end, it has stated its commitment to a public sector primary surplus target of 6.5 percent of GNP in 2003. The government's targets for 2003 of five percent growth and 20 percent inflation remain feasible but require strict adherence to the program,” explained Kruger following talks.
"Prime Minister Gül, his team, and I agree that the task for the government now is to translate its good intentions into actions. The recent announcements of budgetary measures and the 2003 privatization plan are helpful initial steps. In the coming weeks, the government needs to take further steps toward ensuring a viable fiscal position, a sound banking system, and an improved business environment. Swift formulation and implementation of strong economic policies will allow the Turkish economy to realize its vast growth potential, and lay the basis for raising the living standards of all Turkish citizens, including the economically disadvantaged,” she added
"As soon as the government has clarified its concrete policy plans further, we stand ready to send an IMF mission to Ankara to discuss the 2003 budget and other issues key to the program."
The IMF granted Turkey a $16 million in standby credit facility this past February. It 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 2002-2004. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
- IMF mission reaches agreement on sixth review of Turkey’s stand-by agreement
- IMF finalizes details for Turkey’s fourth economic review
- IMF talks begin over $500 million credit release for Turkey
- IMF disburses another $494 million for Turkey
- IMF fifth review mission under Turkey's stand-by arrangement concludes visit