News Brief: IMF Announces Conclusion of Staff Negotiations with Turkey
November 23, 1999
Carlo Cottarelli, IMF mission chief to Turkey, announced today that IMF staff and the Turkish authorities had fruitful discussions on IMF support for a Stand-By Arrangement and have agreed, ad referendum, on a Letter of Intent, which IMF staff will now take back to headquarters in Washington for review by management and subsequent presentation to the Executive Board for approval.
The program is ambitious and incorporates strong fiscal, monetary and structural policies designed to bring inflation down to 25% by the end of next year and into single digits by 2002. The program would provide Turkey with the maximum access to IMF resources available in non-crisis situations, about US$3.5 billion over the three-year period of the program.
The Executive Board is expected to consider the issue at a meeting before the end of the year.