Turkish public debt stock rises to 83 percent of GNP

Published May 31st, 2001 - 02:00 GMT

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)

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