IMF Listens to Turkish Retailers

An IMF committee conducting the fifth review of Turkey’s IMF program visited the Food and Staples Wholesalers Site (GIMAT) in Ankara. During the visit, Babacan translated for Moghadam.

Moghadam, IMF Turkey Representative Odd Per Brekk, and other IMF experts, along with Babacan, visited five different shops in GIMAT and listened to the retailer’s complaints about foreign exchange, tax rates and the underground economy. Moghadam was treated very well during the visit. The IMF chief drank tea and soda, and ate yogurt and cheese, all provided by the retailers.

There were some interesting conversations between Babacan and the retailers. Complaining about Halk Bank’s meagre loans, Yasar Kinar pointed out that at Laila—a luxury nightclub in Istanbul—dinner for four costs TL 10 billion lira. Babacan replied, "Retailers do not eat at Laila."

Ramazan Solak / Ankara / TURKEY