A $1.35 billion loan, in support of Turkey’s financial and public sector reforms, has been submitted for approval of the World Bank’s Board for discussion this month. The loan will be provided in three phases of $450 million each based on completion of agreed actions, stated a WB press release.
In the Turkish banking sector, the funds will support the completion of ongoing reforms in state banks, further strengthening banking regulation and completion of the public re-capitalization program of the Banking Regulatory and Supervision Agency (BRSA).
In the public sector it supports rationalization of public expenditure and investment programs, implementation of governance and anti-corruption program, improvements in public debt management and initial steps for civil service reform and reform of employment in state-owned enterprises.
A Bank team will arrive in the first week of April and help prepare this support based on a plan to be agreed with the Turkish government after discussions with the BRSA, TOBB, TÜSIAD, Banks Association, Labor Organizations and other related agencies. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
