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

April 14, 2008

Press Release No. 08/88

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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