Simsek: IMF post-program monitoring is an option

Simsek held a press conference at Istanbul's international Ataturk Airport prior to his departure for the United States. "If we don't pay our debt early, post-program review will automatically get into action," Simsek said.

Simsek will attend the IMF and World Bank's annual meetings in Washington. Regarding Turkey's stand-by program with the IMF, Simsek said that there are two options with the IMF, which are the precautionary stand-by arrangement and post-program monitoring.

"Probably, early payment will not be made because resources which will be received from the IMF will comparatively be better than the resources which will be taken from the markets. Basically, post-program monitoring is an option," Simsek said.

Simsek said, "We aim to complete the review successfully and release a loan tranche worth of nearly US$3.7 billion before the current stand-by arrangement ends."

Turkey's stand-by review activities with the IMF, which began on April 4, 2008, are complete.

Simsek also briefed reporters about the meetings he will hold in the United States. "I will hold many bilateral meetings especially with World Bank President Robert Zoellick, European Investment Bank President Philippe Maystadt and African Development Bank President Donald Kaberuka," Simsek said.

He will speak at a conference on Turkish finance markets at George Washington University on Friday. Simsek will also speak at U.S. think-tank organization Brookings Institute. Simsek will later attend a meeting bringing together ministers and central bank presidents of countries that are in the same group asTurkey in the IMF and World Bank executive directors boards.

Simsek will attend a conference on international capital markets and emerging market economies which will be held by the Institute of International Finance on April 14. He will then speak in the annual conference of Turkish-U.S. Business Council.

After completing his meetings in Washington, Simsek will proceed to New York and meet high-level representatives of international investment institutions and credit rating institutions.

Simsek will then travel to Brussels to attend a meeting of the Union of Chambers & Commodity Exchanges of Turkey (TOBB).