Press Release: IMF Approves Extension and Augmentation of Stand-by Credit to Turkey

IMF News, April 25, 1995

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Canonical URL: Press Release: IMF Approves Extension and Augmentation of Stand-by Credit to Turkey

The International Monetary Fund (IMF) approved a request by the Government of Turkey to extend for six months the current stand-by credit.
The extension and augmentation are in support of the Government's 1995 economic policies.
The IMF had previously approved a 14-month stand-by credit for Turkey of SDR 509.3 million (about US$806 million) on July 8, 1994 in support of the Government's economic and financial reform program for 1994-95 (see Press Release 94/48).

Increase in amount available under the stand-by credit: SDR 101.2 million (about $160 million).
New total available under the stand-by credit: SDR 610.5 million (about $966 million).
Previously approved 14-month stand-by credit (July 8, 1994): SDR 509.3 million (about US$806 million).

Turkey joined the IMF on March 11, 1947.
Turkey's quota is SDR 642 million (about $1,016 million).
Turkey's outstanding financial obligations to the IMF currently total SDR 236 million (about $373 million).
Note: "A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs."

Press Release No. 95/26 — April 25, 1995