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According to the plan,
The new IMFÂ plan echoes initiatives in the
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Under the program, countries would be able to borrow as much as 500 percent of their quota -- the capital they agree to contribute to the IMF, the fund officials told Reuters news agency on Friday.
Normally, the emerging countries may borrow as much as three times their quota. The standard IMF loan term is three to five years.
Receiving financial support from IMF would contribute
The decision is seen very crucial at a time when cash flows out of the country, the report also said.
The markets are anxiously waiting for the Turkish government to seal a new agreement with the IMF amid the global economic turmoil. IMF agreements and the EU membership process are seen as key anchors of the Turkish economy.
An IMF delegation is currently holding talks in