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"To the extent that it (no decision) increases the uncertainty among investors, a decision would be better sooner than later," Lorenzo Giorgianni, chief of the IMF's
"There was a lot of hard work, a lot of it behind the scenes, by government and central bank officials, to make this work," Giorgianni was quoted as saying. He added whatever programme replaced the $10bn agreement should be "home grown," and urged a speedy decision. Â
The IMF had said
Giorgianni also said
Giorgianni also told the CNBC-e broadcaster in an interview on Monday Turkey needs to stick to fiscal discipline as it studies its options on new form of relations with the fund. A continuation of macroeconomic discipline with or without the IMF was key for Turkey, he said. He added that investors would reward good economic policies by making new investments, he added.
Turkey needed to stick to its revised economic program goals and maintain macroeconomic discipline, he added. Giorgianni also said the reforms would be important at a time of rising inflation and slowing growth.
Giorgianni said sticking to fiscal discipline in the past created room for cutting primary surplus goals, but Turkey needs to adhere to the new goals. The Turkish government has cut its key target of total public sector primary surplus, which excludes interest payments on the government debt, to 3.5 percent this year from 4.2 percent in.
The Turkish government's decision to cut its primary surplus target, a key element of the country's fiscal discipline, ahead of the expiration of IMF agreement increased concerns over the economy. Turkey plans to finance structural reforms with the financial resources it will get by cutting the primary surplus target, a move widely seen as an attempt to move electorates in the local elections in 2009.            Â