IMF: Turkey deserves global support

Praising Turkey’s efforts for stability and an economic reform, Kohler gave a strong signal to the world, by saying that Turkey deserved continued international support.

In a statement after the IMF Executive Board concluded its 5th Review on Turkey and released a 500-million-dollar loan, Kohler said that the efforts spent by Turkish officials in recent weeks for stability and implementing the reform program, were welcomed. As examples to the steps, Kohler mentioned initiatives to attain a 6.5-percent primary surplus, laws related to social security and progress in structural reforms. He said: These steps have reinforced the IMF-supported program which aims at reducing inflation and debts and attaining sustainable growth.

Acceptance by IMF to implement a new plan for the repayment of credits in 2004 and 2005, means that the inspection and monitoring of the Fund on Turkey will continue also after the stand-by agreement. Pressure on Turkey is effectively been postponed to 2006 as repayments intensified this year.