US welcomes IMF backing for Turkey

Published December 7th, 2000 - 02:00 GMT

The United States on Wednesday, December 6, welcomed the IMF's announced plan to provide Turkey with credits worth more than $10 billion, describing the country's financial health as "important" for Washington. 

 

"We welcome the annoucement by the Turkish authorities and the International Monetary Fund of a strengthened reform program," Treasury Secretary Lawrence Summers said in a statement. 

 

"We look forward to strong and immediate implementation by the Turkish authorities of the steps vital for the restoration of confidence and financial stability. 

 

"Turkey's financial stability is important to the United States." 

The Turkish government, grappling with an acute liquidity crisis that rattled financial markets, is now in line for additional IMF help after unveiling a series of measures to restore confidence and rehabilitate the banking sector. 

 

IMG managing director Horst Koehler said that as a result he would soon ask the Fund's executive board to approve a credit package in excess of $10 billion. The World Bank is also this month to consider a $5 billion loan to Turkey.— (AFP)  

 

© Agence France Presse 2000  

© 2000 Mena Report (www.menareport.com)

You may also like