US approves loan for Turkey alleviating cost of Iraqi war
The United States and Turkey have signed a financial agreement that will provide as much as $8.5 billion in loans, US Treasury Secretary John Snow announced on September 22, 2003.
On April 16, US President Bush signed the war supplemental appropriations act that provides economic assistance for Turkey. The aid will support Turkey’s ongoing economic reform process and will alleviate the economic impact suffered by the Islamic Republic as a result of the military campaign against Iraq, reported Washington File.
Snow called Turkey "a valuable regional ally of the U.S. ... a partner in the global war on terrorism ... [and] a valuable example of a strong and economically stable democracy in the Islamic world."
A separate joint statement on the agreement says each disbursement of loan funds is conditioned on Turkey meeting two conditions: the implementation of strong economic policies, and cooperation with the United States in Iraq.
Snow said the contribution of Turkish troops for peacekeeping and stability operations in Iraq "is not a necessary condition for determining Turkish cooperation in Iraq."
Although the US Treasury will administer the loan program, numerous US government agencies have contributed to the process of finalizing the agreement, including State, Defense, and the Office of Management and Budget. State and Defense have roles in determining whether Turkey is meeting conditions, and all involved agencies will continue to provide valuable input during the life of the loan. — (menareport.com)
© 2003 Mena Report (www.menareport.com)