Press Release No. 04/250

Press Release: Discussions on New IMF Stand-By Arrangement for Turkey to Resume on November 30

November 24, 2004

Mr. Hugh Bredenkamp, the International Monetary Fund's Senior Resident Representative in Turkey, issued the following statement earlier today in Ankara:

"Discussions on a new IMF Stand-By Arrangement for Turkey were adjourned on October 26 to allow time for the government to finalize proposals relating to implementation of its macroeconomic policy objectives and to flesh out its structural reform plans, especially regarding tax and social security reforms and the new banking law (see Press Release No. 04/225). The authorities have announced that they have made good progress in all these areas. Consequently, at their invitation, an IMF mission headed by Mr. Reza Moghadam will return to Turkey on November 30 to resume discussions on the new Stand-By Arrangement."