Press Release: Discussions for the 2007 Article IV Consultation and Sixth Review of Turkey's Stand-By Arrangement with the IMF to Begin on March 1

February 26, 2007

Press Release No. 07/31

Hugh Bredenkamp, the IMF Senior Resident Representative in Turkey, issued the following statement in Ankara on February 23, 2007:

"An IMF mission will visit Turkey during March 1-15 for discussions on the 2007 Article IV consultation with Turkey and on the sixth review under Turkey's Stand-By Arrangement. The team will first visit Istanbul to meet with representatives from the private sector, financial institutions, non-governmental organizations and academia. The discussions will continue with government and central bank officials in Ankara. Susan Schadler, Deputy Director of the IMF's European Department, will participate in the Article IV consultation, while the program review discussions will be headed by Lorenzo Giorgianni.

"As part of its surveillance function, the IMF conducts regular Article IV consultations with all member countries. These discussions provide an opportunity to step back from short-term issues, take stock of the country's economic performance, and consider the challenges and policy priorities for the future. In Turkey's case, the primary focus will be on policies to bolster competitiveness, foster employment generation, and further strengthen financial and economic fundamentals so as to enhance the economy's medium-term growth potential.

"The parallel discussions for the sixth program review will focus on the implementation of the authorities' economic agenda for 2007, as set out in their last Letter of Intent.1 The principal topics will be budget implementation, tax policy and administration, social security, and banking sector reforms."

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