Press Release: IMF Approves Extension and Augmentation of Stand-by Credit to Turkey
April 25, 1995The International Monetary Fund (IMF) has approved a request by the Government of Turkey to extend for six months the current stand-by credit, and to increase the amount available under it by the equivalent of SDR 101.2 million (about $160 million) to a total of SDR 610.5 million (about $966 million), in support of the Government's 1995 economic policies. The IMF approved a 14-month stand-by credit for Turkey of SDR 509.3 million (about US$806 million) on July 8, 1994 in support of the Government's economic and financial reform program for 1994-95 (see Press Release 94/48).
Turkey joined the IMF on March 11, 1947; its quota1 is SDR 642 million (about $1,016 million), and its outstanding financial obligations to the IMF currently total SDR 236 million (about $373 million).
1. A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs.