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    Government urged to seize the opportunity

    Anatolia News Agency
    28.04.2009 - 00:00 | Son Güncelleme: 27.04.2009 - 17:11

    WASHINGTON - Turkey could come out of this crisis with a much stronger economy if it seizes the opportunity the crisis presents and implements much-needed structural reforms, according to Shigeo Katsu, the World Bank's vice president for the Europe and Central Asia region.

    Katsu, within the framework of the 2009 Spring Meetings of the World Bank Group and International Monetary Fund, told Anatolia news agency yesterday that Turkey learned its lesson the during financial crisis it experienced in 2001. Following the crisis, which hit Turkey’s banking sector, Turkey took plenty of structural measures, which provided much benefit to the country, according to Katsu. Turkey has been keeping a close eye on the development of the current global turmoil, said Katsu. The government took all the necessary measures to minimize the negative impact of the global economic crisis, he said, adding that Turkey would continue to implement needed measures.

    The measures taken after the 2001 crisis enabled the country to assemble a strong banking system, Katu said. In fact, Turkey has one of the strongest banking systems in the region, he said. Turkey could take advantage of the crisis climate and implement new structural reforms, said Katsu. He also highlighted the importance of implementing key structural reforms such as labor force reforms, which would be the foundation of improving studies into Turkey’s investment environment as well as the base of new employment opportunities.

    Turkey could benefit from the World Bank’s "Global Trade Liquidity Program," Katsu said. The program will begin operations in May, channeling much-needed funds to back trade in developing countries. The program should be able to support up to $50 billion of trade. It raises funds from international finance and development institutions, governments, and banks, and it works through global and regional banks to extend trade finance to importers and exporters in developing countries.
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