News Brief: IMF Postpones Board Meeting on Turkey, Scheduled for July 3, Pending Prior Actions

July 2, 2001

Horst Köhler, Managing Director of the International Monetary Fund, today announced that the Executive Board meeting to discuss the eighth review of the Fund's program with Turkey was being postponed pending fulfillment of a few prior actions. Mr. Köhler said:

"Against a background of generally good implementation of the economic program of the Turkish government, including passage of a remarkable number of key legislative measures, a few prior actions that were to have been implemented by the time of the Board review have not yet been carried out. These include several actions relating to the banking system, which we hope could be put in place soon.

"In addition, we need to verify that the newly appointed Board of Türk Telekom meets the requirements set out in the authorities' May 3 Memorandum on Economic Policies.

"Discussions with the Turkish Government are continuing, and I hope to be able soon to hold the Board meeting on the eighth review."


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