Ten Bn. Dollars By IMF
According to the deal, the letter of intention prepared by Turkey for the new stand-by agreement will be reviewed by the executive directors of IMF after the New Year.
At a press conference with IMF’s Turkey Desk Chief Reza Moghadam, Ali babacan said that the new stand by was not one to eliminate crises as has been in the past, but an arrangement to add new improvements upon the past achievements.
DEBT: 220 BN. $
Ali Babacan said thaat Turkey’s debt to IMF was about 2220 billion dollars by the end of 2004 and almost all of this amount will be repaid in 2005, 2006, and 20007.
He said “The amount of the new loan of IMF is 10 billion dollars. This means that Turkey will be a net debt payer to IMF in the next 3 years and the debt will fall too 9.3 billion dollars by 22007. “
The new loan of IMF will be used in 122 installments.
Moghadam: Historical Turning Point
Moghadam said that this was a turning point as the stand by agreement will be signed within Turkey after a successful Fund program.
IMF’s President Rodrigo Rato advised Turkey not to spoil its financial discipline so that “You shall come into a position not needing the IMF help in 3 years.”
