The Acting Managing Director of the IMF, Stanley Fischer, issued the following statement on Turkey:

"The Turkish authorities have submitted to IMF management a communication setting forth their economic and financial policies for 1995 and requesting the extension of the present stand-by arrangement by six months and an increase in its amount by SDR 101.2 million (about US$157 million). Management will be submitting the request to the IMF's Executive Board for its consideration in a few weeks' time. If approved by the Executive Board, the total amount of the arrangement for Turkey would increase to SDR 610.5 million (about US$948 million).

The objectives of the authorities' economic program are to build on the achievements of 1994, which resulted in a remarkable strengthening of the external position. Rigorous implementation of the policies proposed by the authorities for 1995 will solidify the important progress that has already been made, providing a basis for a reduction in inflation, maintenance of a strong balance of payments position, and sustained economic growth."