Turk president approves IMF-demanded telecoms law

Published May 23rd, 2001 - 02:00 GMT

Turk president approves IMF-demanded telecoms law 

 

Turkey's president on Tuesday, May 22, ratified a telecoms sector reform law central to Turkey's efforts to win international lending to help it out of crisis. The telecommunications law outlines the sale of the majority of state-owned landline monopoly Turk Telekom and the liberalization of the entire sector. 

 

President Ahmet Necdet Sezer had approved the law and authorized its publication in the official gazette, which will set it into legal force, his website said. 

 

Turkey's parliament passed the law on May 12 after weeks of wrangling between coalition partners over powers to be retained by the state. Two days after it was passed, Turkey secured pledges of $15.7 billion in international crisis lending from the IMF and World Bank. 

 

Turkey will retain control over areas of Turk Telekom deemed to influence national security through a "golden share" but had promised to sell most of the company, a maximum of 45 percent of which can be held by foreign investors. No date has been set for the privatization. ― Reuters, Ankara)  

 

© Reuters 2001

© 2001 Mena Report (www.menareport.com)

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