Turkey-IMF agree to complete stand-by before May 10

Turkey's State Minister Mehmet Simsek had a meeting with IMF Managing Director Dominique Strauss-Kahn in Washington, D.C. on Thursday. In their meeting, Simsek briefed Kahn on recent economic developments in Turkey and Turkish economy's outlook, an IMF executive told the AA.

Investors, wary of Turkey's reliance on external financing, have been clamoring for information on Turkey's plans once the current IMF program expires. The Turkish program has been an anchor for its economy ever since a 2001 financial crisis.

An IMF spokeswoman said Simsek noted the progress made by the authorities toward completion of the remaining reviews under Turkey's current stand-by agreement with the IMF, Reuters reported.

"It was agreed that discussions between the authorities and IMF staff would continue in the coming weeks with a view to bringing the current SBA (standby agreement) to a successful closure before its expiration on May 10," the spokeswoman told Reuters.