News Briefs

Turkey and the IMF

News Brief No. 95/7
March 9, 1995
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Statement on Turkey

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."


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