Turkish public debt stock rises to 83 percent of GNP
Turkey's public sector debt stock has risen to 83 percent of GNP from 58.8 percent at the end of last year before a financial crisis, the Turkish Treasury Undersecretary said on Wednesday, May 30.
Faik Oztrak told businessmen in Ankara that it would cost $79 billion to service domestic and foreign debt this year.
The Treasury had previously announced that it would cost 79,925 trillion lira ($63.7 billion) to service domestic debts this year, including principle repayments and interest payments.
Turkey is struggling to come to terms with high debt redemptions after a crisis in February that necessitated $15.7 billion of loans from the IMF and World Bank this year as part of a rescue package. ― (Reuters, Istanbul)
© Reuters 2001
© 2001 Mena Report (www.menareport.com)