Turkey reaches draft agreement with IMF on new US$10 billion loan plan
Turkey on Tuesday said it reached a draft agreement with the International Monetary Fund over a fresh three-year US$10 billion loan program, the country's economy minister announced.
The new loan program, designed to help the country restructure existing debts, would come into effect when the organization's current deal with Turkey ends next year.
The deal is expected to be approved by IMF directors.
Ali Babacan, the economy minister, said Turkey reached a draft agreement with IMF officials on a "letter of intent" declaring the country's determination to reform its economy in return for continued credit from the IMF.
Turkey would borrow fresh US$10 billion from the IMF between 2005 and 2007, Babacan said.
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