IMF Mission Statement on the Discussions Related to Turkey's Stand-By Arrangement

Press Release No. 08/88
April 14, 2008

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

"An International Monetary Fund mission, led by Mr. Lorenzo Giorgianni, held discussions with the Turkish authorities in Ankara during April 3-10, 2008. Discussions continued during April 11-14, 2008 in Washington, D.C., in the context of the Spring Meetings of the IMF and the World Bank.

"The mission has reached ad referendum broad agreement with the authorities on a package of policies that aims at completing the seventh and final review under Turkey's Stand-By Arrangement with the IMF. In the weeks ahead, IMF staff and the authorities will work together to finalize a draft Letter of Intent, with a view to allowing the IMF Executive Board to consider the completion of the seventh and final review under the current Stand-By Arrangement in early May. The completion of this review will enable Turkey to draw an amount equivalent to SDR 2.25 billion (about US$3.7 billion)."



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