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Press Release No. 95/26
April 25, 1995
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Approves Extension and Augmentation of Stand-by Credit to Turkey

The 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.

IMF EXTERNAL RELATIONS DEPARTMENT

Public Affairs    Media Relations
E-mail: publicaffairs@imf.org E-mail: media@imf.org
Fax: 202-623-6278 Phone: 202-623-7100