Turkey not planning to invite IMF for standby negotiations until last minute

Turkish Deputy Prime Minister Babacan said negotiations for a stand-by agreement with IMF were still underway, adding that the government was not planning to invite the IMF to Turkey until the last minute in order not to raise expectations. Babacan told a press conference in Ankara December 2 that they have reached a consensus over the main issues with the IMF and were discussing the details via tele-conference two or three times a week. He believed Turkey had left behind the worst in the financial crisis and is expecting a small year-on-year growth in the fourth quarter of 2009.

Babacan stated that the government is not considering making changes in the mid-term economic program that was announced in mid- September. Many analysts believe, however, that an IMF stand-by agreement would be a significant stimulus for Turkey’s economic recovery and, thus, would permit a more robust mid-term progress.

Source: Hurriyet Daily


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