Paying back the IMF only to borrow more? World Bank increases loan to Turkey by $2 billion

Rhe World Bank (WB) has increased its loan to Turkey by $2 billion as part of the Country Partnership Strategy (CPS) program that started in 2011.

Turkey's Treasury undersecretariat announced on Wednesday that the period of the CPS program, which was signed to establish monetary and technical cooperation between Turkey and the WB from July 2011 to June 2015, has been extended to June 30, 2016.

The total of the loan package has surged to $6.45 billion.

In May of last year, the Central Bank of Turkey paid the country's final loan installment, around $421 million to the International Monetary Fund (IMF), freeing Ankara of IMF debts for the first time in 19 years. Nonetheless, the country continues to take loans from the World Bank in order to strengthen its financial system.