IMF says next Turkey mission to arrive early June

Published May 24th, 2001 - 02:00 GMT

The International Monetary Fund said on Wednesday, May 23, that its next mission to Turkey was due to arrive there in early June. The mission follows the approval by the fund's board of directors earlier this month of an additional eight billion dollars in aid for the troubled country. 

 

IMF external relations director Tom Dawson also said that government proposals to carry out a debt exchange were "not an unexpected approach", and added that debt management is "an important aspect of the program." He added that Turkey had "every right" to pursue this market based approach. 

 

The government is considering a debt swap for perhaps as much as four to five billion dollars of domestic debt into foreign currency instruments. The move would be designed to ease the pressure on managing the huge burden of domestic debt. 

 

The central bank has said that domestic debt alone will rise to 61 percent if GNP at the end of the year, compared to 41 percent at the end of 2000. The Washington-lender must approve the move as part of the country's newly laid out agreement with the fund. ― (Reuters, Washington) 

 

© Reuters 2001

© 2001 Mena Report (www.menareport.com)

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