Press Release: IMF Staff Concludes Second Round of Discussions on a New Stand-By Arrangement for Turkey

October 26, 2004

The following statement was issued by Hugh Bredenkamp, the IMF Senior Resident Representative, earlier today in Ankara:

"An IMF mission left Ankara as planned on October 26, after completing a second round of discussions with the authorities on a new Stand-By Arrangement for Turkey. The mission, headed by Mr. Reza Moghadam, made progress on a range of key policy issues, most notably on the budget for 2005, which has now been presented to Parliament. Work is also well advanced on the medium-term macroeconomic framework and monetary policy. During the next few weeks, the government intends to finalize its proposals to ensure effective implementation in these policy areas. As regards the planned structural reform agenda for the new program, there is agreement on the basic priorities and directions, but there is a need to flesh out the specifics, especially regarding tax and social security reforms, and the new banking law. It is envisaged that, as soon as this work is completed, a follow-up mission will continue discussions on the new Stand-By Arrangement."


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