Press Release No. 05/82

Press Release: Statement by IMF Resident Representative in Turkey

April 12, 2005

Mr. Hugh Bredenkamp, the International Monetary Fund's Senior Resident Representative in Turkey, issued the following statement earlier today in Ankara:

"An IMF mission in Turkey since April 4 to finalize work on a new three-year Stand-By Arrangement came to a successful conclusion today. Understandings had been reached in December 2004 on the elements of the economic program to be supported under the new arrangement, but a number of policy steps needed to be taken before the letter of intent could be considered by the IMF's Executive Board (see Press Release No. 04/265 at www.imf.org). With those policy steps now close to completion, the letter of intent has been updated and finalized, consistent with the policy understandings reached in December. It is envisaged that, subject to the approval of IMF management, the request for the Stand-By Arrangement could be considered by the Executive Board in the first half of May."