Statement by the IMF Staff Mission to Turkey

Press Release No.07/67
April 12, 2007

The following statement was issued today in Washington by the International Monetary Fund's mission to Turkey on the conclusion of discussions related to the sixth review under the IMF's Stand-By Arrangement:

"An International Monetary Fund mission, led by Mr. Lorenzo Giorgianni, concluded discussions on the sixth review under Turkey's Stand-By Arrangement on April 11, and reached understandings ad referendum on a draft Letter of Intent.

"Discussions had been adjourned on March 20 to give the authorities time to draw up measures to secure the contribution of state enterprises to the program's 2007 fiscal targets (see Press Release 07/58). The authorities have now identified the necessary additional spending measures, as well as structural policies to strengthen the financial performance of state enterprises.

"This and earlier understandings reached with the authorities on fiscal and monetary policies and structural reform measures are subject to approval by the Management and Executive Board of the IMF. The government is now working toward implementing a number of steps to underpin the policy objectives for the sixth review and facilitate its consideration by IMF Executive Board in May."



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