News Brief: IMF Managing Director's Statement on Turkey

November 15, 2001

The Managing Director of the International Monetary Fund (IMF), Mr. Horst Köhler, today made the following statement after an informal meeting of the Executive Board on Turkey:

"Directors welcomed the assessment of the mission recently in Ankara that implementation of the program has been very strong. However, in the aftermath of September 11 a financing gap of approximately $10 billion for the remainder of 2001 and 2002 has arisen. In light of this external shock, Turkey is committed to strengthen further its effort in the areas of fiscal policy, banking and structural reform, and to seek continued support from the private sector.

"On the basis of a very constructive discussion today, I intend to recommend completion of the tenth review in the near future and a new stand-by arrangement, to be negotiated over the next month, to support the authorities' ambitious reforms and close the financing gap. This is an appropriate response by the Fund," Mr. Köhler.


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