Turkey: Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey.
August 7, 2008
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This paper discusses key findings of the Seventh Review and Inflation Consultation Under the Stand-By Arrangement for Turkey. Macroeconomic developments have become less favorable since the last review in May 2007. Political developments have distracted attention from an ambitious economic agenda. As a result, performance under the IMF-supported program suffered, with fiscal policy imparting an unplanned stimulus in 2007 and structural reforms meeting with delays. IMF staff welcomes the adoption of a medium-term fiscal framework to guide future policy, and encourages the authorities to strengthen its institutional underpinnings.
Subject: Banking, Economic sectors, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt, Public sector
Keywords: April data, central bank analysis, CR, EU accession negotiations, Fiscal stance, Global, hike, holding, IMF staff calculation, Inflation, inflation consultation clause, inflation report, ISCR, midpoint inflation, Public sector
Pages:
114
Volume:
2008
DOI:
Issue:
272
Series:
Country Report No. 2008/272
Stock No:
1TUREA2008001
ISBN:
9781451838244
ISSN:
1934-7685
