Press Release: Discussions on Review of Turkey's Stand-By Arrangement With the IMF to Begin on May 8

May 3, 2006

Press Release No. 06/88

Mr. Hugh Bredenkamp, the IMF's Senior Resident Representative in Turkey, issued the following statement earlier today in Ankara:

"An IMF mission, headed by Mr. Lorenzo Giorgianni, will visit Turkey May 8-18 to discuss with the authorities progress in implementing their economic program, which is supported by the IMF under a three-year Stand-By Arrangement.1 There will be some preliminary technical meetings in Istanbul on May 5.

Together with the authorities, the mission will take stock of recent economic developments, assess the outlook, and discuss any steps that may be needed to secure program objectives. The discussions are expected to focus, in particular, on budgetary prospects and policies; tax reforms and measures to strengthen tax administration; plans for implementing the recently approved social security reforms; and progress in further strengthening bank supervision and reforming the state banks."

1 The first and second reviews were completed by the Executive Board of the IMF on December 9, 2005 (see IMF Press Release 05/271).


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