News Brief: IMF's Köhler Announces Start of Talks with Turkish Authorities

December 3, 2000

IMF Managing Director Horst Köhler said today:

"To underscore the IMF’s commitment to Turkey, senior officials of the IMF staff will begin talks with the Turkish authorities in Ankara this evening. In particular, there is a need to strengthen the banking sector in Turkey.

"The Turkish government has made significant progress under its economic stabilization and reform program launched in late 1999. The task now is to preserve these gains and strengthen policies and market confidence in the Turkish economy.

"Therefore, I hope that the talks on strengthened policies to maintain the economic framework can be concluded expeditiously so as to enable the IMF to decide on an enhanced support package for Turkey. This could happen at the already scheduled Board meeting on December 21, at which time on the basis of strengthened policies, I would be prepared to recommend that the Board provide additional resources to Turkey, including under the Supplemental Reserve Facility."


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