Friday, 2 January 2009Executives of the International Monetary Fund (IMF) will visit Turkey next week, Turkish authorities said on Friday.
An IMF delegation headed by Turkey Mission Chief Rachel van Elkan will stay in Turkey for about ten days to lay the groundwork for a new stand-by arrangement.
The delegation is expected to prepare a report on Turkey's financial need and present it to the board of executives.
In case Turkey and the IMF reach a deal on the new stand-by arrangement, the board of executives will meet in the possible shortest time to approve the new loan for Turkey.
The fund can provide the first tranche of the loan within January.
The economy bureaucrats said that Turkey preferred a short-term standard stand-by arrangement in order to provide immediate financial support and get a loan over the quota.
The standard stand-by can have a one-and-a-half year or two year maturity. In case international market conditions become better, the deal can be replaced with a precautionary stand-by arrangement as of the second half of the following year.
Turkey has signed 19 stand-by arrangements with the fund so far, and is getting prepared to make its 20th stand-by deal. Turkey has successfully completed only the last two stand-by deals.
The first stand-by deal was signed on January 1, 1961 and Turkey reached stand-by arrangements every year till 1970.
Turkey suspended stand-by arrangements with the fund for eight years, from 1970 to 1978, and did not sign deals with the IMF between 1984 and 1994.
The 19th stand-by arrangement was signed in January 2005.
Turkey has provided more than 50 billion USD of loan from the IMF in 47 years.
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Friday, 2 January 2009
ANKARA (A.A)
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