World Bank grants $303m loan for Turkey

The loan, which will provide investment finance of up to seven years in length, is the second such agreement signed by Turkey and the World Bank.

Turkey’s trade deficit widened by36 . 9per cent to $18. 293billion in the first 11 months of last year, from $13.367bn in the same period in2002 , according to state statistics.

The country’s trade deficit in 2002 was $15.75bn,56 .5pc wider than in2001 .

Meanwhile, the International Monetary Fund said yesterday it would resume talks in Turkey on Friday on the country’s $19bn economic recovery pact, easing market worries that the government was stalling on reforms.

A statement from the IMF’s top representative in Turkey, Odd Per Brekk, said talks on the current programme review, suspended last month, would focus on measures needed to plug a budget gap after above-inflation pension and wage increases.